Older couples divorce for many of the same reasons younger couples split up. However, older couples face unique challenges that can factor into divorce proceedings and dividing up assets. At Simonetti & Associates, our divorce lawyer in Riverhead can help you navigate the unique challenges that can arise during a divorce after retirement. Continue reading to learn more!
Divorce After Retirement
While there are varying differences in the emotional effects of divorce for spouses who end their marriage later in life, the biggest difference is that there is generally less time to recover financially. If you’re filing for divorce after retirement, there are several challenges you might face. One of the most critical aspects of divorce is dividing assets with your spouse. Here is a closer look at the different types of assets:
Retirement
Divvying up retirement plans can be complicated and requires the careful attention of a divorce lawyer in Riverhead when preparing the final paperwork. You may even need a separate court order to cover the division of retirement benefits.
House
Your house is an important asset that can provide you with several future benefits. Some of the crucial factors of keeping your house include:
- Older age triggers eligibility for tax waivers and exemptions.
- Owning a home can become a potential rental income.
- Access to equity.
- Tax benefits like deductions and exclusions.
- Reverse mortgage eligibility (age 62).
Social Security
A divorce court cannot divide Social Security benefits, but there are several rules and complications relevant to your post-divorce income, including:
- You are 62 or older, and the marriage lasted for ten years – You can collect retirement benefits from your spouse’s Social Security record without reducing their benefits.
- Your former spouse dies – You may be eligible for survivor benefits of 100% of your spouse’s benefits. The requirements are that your marriage lasts for ten years, you are at least 60 years old, and you are not already entitled to retirement benefits greater than or equal to that of your former spouse’s benefit.
Contact Our Divorce Lawyer in Riverhead
Divorce after many years of marriage can be highly emotional and leave you with questions regarding your case. At Simonetti & Associates, our divorce lawyer in Riverhead can help you get the property and financial assets that are rightfully yours in the settlement. Be sure to contact us today to learn more and request a consultation!
