Most people in New York and elsewhere look forward to their retirement years. They have worked hard their entire lives and are excited to relax a bit and start crossing things off their bucket lists. However, for those who are considering filing for divorce just before entering retirement, doing so can drastically change their plans for the future.
The number of couples filing for divorce later in life has doubled since the 1990s, according to a study done by the National Center for Family and Marriage Research. The reason for this is a feeling of financial security at that stage in life. However, some may not realize the real damage that can be done to one’s financial portfolio by following through with a divorce filing.
If the dissolution of marriage is desired, one must review his or her situation carefully before taking any steps that could result in financial ruin. This involves looking at current and future expenses, reviewing the values of all marital accounts and property and considering current and future sources of income. By looking at all of these things, one can gain a better understanding of what to ask for in a divorce settlement.
When heading into retirement years, it is perfectly reasonable to desire financial security. Unfortunately, going through a divorce just before this stage of life can toss any sense of such security out the window — if things are not carefully planned and negotiated. Divorcing couples in New York can, with the help of legal counsel, walk away from their marriages with settlements that still leave them economically prepared to enter their retirement years.
Source: USA Today, “Nearing retirement and thinking about divorce? What to consider”, Arielle O’Shea, Oct. 15, 2016