Divorce can make it feel as though your life has been turned upside down no matter how long you have been married or what your stage is in life. However, if you are into your retirement and you and your spouse decide to pursue a divorce in New York, you could be facing some unique challenges. At Jasne & Florio, we are experienced in helping divorcees work through their separation and committed to helping them find peace and success despite the changes in their relationship.
Accumulating a retirement saving that is sufficient enough to provide for your needs for the remainder of your life is rarely a process that can be accomplished within a short timeframe. Rather, you have most likely spent the better part of your life and career strategically planning for your retirement and how you will fund the later years of your life. If you and your spouse have decided to divorce, you could now be looking at having to separate your assets, benefits and savings which could greatly impact your plan for the future.
According to U.S. News, as soon as you decide to get divorced, do your research to find out whether or not this change will modify what you have been receiving from the Social Security Administration. Realize that everything from your home to all of the smaller household goods will be separated between you and your spouse. Depending on the length of your relationship and whether or not one of you was the sole breadwinner for a significant number of years, you may be required to pay alimony for at least a period of time. As soon as you can find out which portion of your retirement savings you are entitled to, you can begin making arrangements to fortify the savings you do have to compensate for what you have had to give up. Being forthright with your children or other family members may allow you to receive needed support during this challenging time.
When you understand the risks of getting divorced during retirement, you may be better able to make decisions that will allow you to minimize the impact that your relationship has on the satisfaction you feel in your future. For more information about getting a divorce, visit our web page.