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Financial concerns may plague older people in New York divorce

The effects of ending a marriage can be far reaching. Individuals of the baby boomer generation may find that the impacts are particularly significant, especially when it comes to finances. Because older New York residents are closer to retirement, they may have less time to generate savings to live as a single person. Additionally, divorce can result in retirement accounts being split.

In most cases, a significant reduction in income due to retirement does not negatively affect individuals in a substantial way because they have planned for this time in their lives. However, ending a marriage can easily disrupt these plans. Understanding what an individual's financial situation will look like after divorce may help to determine what he or she hope to get out of a settlement.

If parties want to remain as cost effective as possible, they may want to consider dissolution methods other than just strict litigation. Court fights can become drawn out and expensive, but other avenues such as mediation could help individuals come to agreement terms more quickly. As a result, parties may spend less money on the divorce proceedings themselves. 

When there are specific issues, such as retirement accounts, to consider during divorce, individuals may want to ensure that they understand the various outcomes for those issues. After gaining such information, New York residents may be more able to decide what results they hope to achieve. If they wish to discuss their specific concerns with legal professionals, interested parties may want to consult with experienced attorneys who can provide advice and support or various scenarios.

Source: bizjournals.com, "When boomers divorce -- what are the financial implications", Elizabeth Hodges, May 8, 2017

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