People divorcing who are past the age of 50 face different concerns than younger people who divorce.
The golden years are typically thought of as a time of reflection, the culmination of a life well-lived. But for many, these years have become a time of starting over, newfound independence, and more and more, divorce. There may not be child custody issues to sort out, but the financial aspects, including retirement accounts, pensions and shared savings and insurance plans, can be considerable.
This is on top of the significant emotional upheaval that people face when they contemplate a single life after potentially decades of being married. Contact us today if you’re a person over 50 years of age contemplating or actively seeking divorce. We can help you pave the way to an independent future. Make an appointment to speak with divorce lawyer Daniel H. Stock by using our contact form or by calling us at 475-232-4105.
Dividing Retirement Funds
Couples facing late life divorce/senior divorce have often amassed considerable retirement accounts during their many years together. Dividing these funds can become a major issue in what has become known as “gray divorce.” A single retirement fund that may have been sufficient for a couple may suddenly seem inadequate when divided up between two divorcing spouses. On top of that, retirement funds may be subject to taxes and fees upon withdrawal. If you are divorcing in late life, our experienced team at Daniel H. Stock, PLLC, can help you maximize your retirement fund settlement while minimizing associated taxes and fees.
Reconfiguring Your Economic Role
Couples who have been together for a long time may have established roles in the relationship, with one person the “breadwinner” and the other the “support.” In these cases, spousal support agreements become particularly important, as the supportive spouse may be unprepared for the coming economic independence. At Daniel H. Stock, PLLC, we are committed to crafting fair and comprehensive spousal support agreements for couples divorcing later in life.