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Coming up on retirement and thinking about divorce?

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

Important Information

COVID-19 (Novel Corona Virus)  Update 3-20-2020

By order of Governor Andrew Cuomo, beginning 3-22-2020, all non-essential business in New York state must close their physical offices in response to the rapid rate of positive reported cases of COVID-19 in New York State.

Although this will impact the in office and in person services that LIT can provide, we will still be working remotely from our homes to serve our existing clients and we will continue to serve the public on a remote basis with any new legal matters for which they may need assistance.

We as a nation have overcome great obstacles in the past and although the challenges that lie ahead of us as community, as a state, and as a nation are great, we will overcome them as our resilience as individuals, as a community and as a nation will allow us to prevail.

May all of you and your loved ones be safe and well .

Larkin, Ingrassia & Tepermayster, LLP


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