Divorcing at an older age is becoming a more common occurrence. As a result, there are issues that older New York residents may need to contend with that could considerably affect their lives and future plans, especially financially. Alimony and the financial impacts of such support could could play a central role in these divorce proceedings.
Retirement is often a time that older individuals look forward to, but when parties go through a gray divorce, those retirement plans may be drastically changed. If individuals are required to pay spousal support, they may find themselves having to work for a significantly longer time in order to meet those obligations. As a result, some individuals may be more willing to attempt to negotiate concerning the terms.
One particular area in which negotiations may occur is property division. Parties may be willing to part with more items or more valuable items in hopes of avoiding a considerable alimony payment. There are various aspects that could play a role in such negotiations, such as the age of the individuals involved, potential alimony amount and length of obligation.
Ending a marriage at an older age may allow individuals to start a new phase of their lives, but considering the various financial implications may be wise. Determining how alimony and property division could affect individuals' futures may give those parties goals to work toward in terms of their desired outcomes. Concerned New York residents may wish to consult with experienced divorce attorneys who may be able to shed more light on potential issues that could arise during and after divorce.
Source: Fox Business, "Can You Lose Your 401k in a Divorce?", Casey Dowd, Aug. 11, 2016