We are beginning to notice more and more people getting divorced later in life. Many refer to getting a divorce later in life as a “gray divorce.” In an article titled Gray Divorce Drastically Cuts Retirement Savings By Thousands, it’s stated, “The divorce rate doubled between 1990 and 2010, with 1 in 4 people going through divorce being over the age of 50.” In the past, when you heard of a divorce case, there was always concern about the children. However, since these divorces are occurring later in life, the potential children of the divorcing couple are usually older so they don’t tend to pose as a large concern. More importantly, divorcing couples are also older and nearing retirement (if they aren’t there already). A divorce later in life has a major affect on one’s retirement plan.
Getting a divorce later in life usually leads to splitting a divorcee’s 401K and other career-related pensions. Many people think of these accounts as their own, however, it becomes a marital asset, subject to being split comes divorce regardless if one of the spouses is considered at fault for the divorce. Although for some people, this seemed like a large amount of money to relax on during post retirement, it becomes drastically less once cut in half. On average, a person divorced has $10,000 less in their retirement savings than the average married couple. In addition to this financial setback from late life divorce, the older you are, the harder it can be to make up for the lost funds. In some cases, it forces a retiree (or soon-to-be retiree) to work for several more years in order to get by.
Simonetti & Associates, conveniently located in Woodbury, NY has the right divorce lawyer for you. Simonetti & Associates is honored to be able to say we have been voted Best Divorce Lawyer on Long Island. This accolade comes from years of hard work and building relationships with our clients. Late life divorce plays a major impact on the rest of your life. Let Simonetti & Associates make sure you are well off post divorce. Contact us today!
