Protecting Your Retirement is Critical in a “Gray Divorce”
Often referred to as “gray divorce,” a great deal of attention has been given to the phenomenon where couples choose to end a long-term marriage, typically after their children are grown and no longer live in the family home. A Census Department report says that more than one-third of Americans who get divorced are 55 or older. In some ways, divorce at this stage of life is simpler, as arrangements need not be made regarding custody, visitation and child support. However, if you’ve decided to start a new chapter in your life, you should be careful to protect your financial interests during the divorce process.
While ending a marriage is a positive step for many people who want to make the most of their lives during their golden years, there are also specific challenges associated with gray divorce. A primary concern is the allocation of retirement benefits accumulated during the course of a marriage. It’s important to remember that these assets are part of the marital estate that is subject to division upon divorce, even if just one spouse worked outside the home. A husband or wife who is middle aged or older might not have the time to build a secure nest egg if they do not obtain their fair share of funds in pensions, 401(k) accounts and other retirement vehicles.
New York law requires divorcing spouses to provide detailed information about the couple’s assets. In many marriages, one spouse handles all of the financial matters, so this might be the first opportunity for a party to gain a detailed perspective about what’s at stake. You should hire a divorce attorney with extensive experience handling divorces that involve the division of 401(k) accounts, pension funds that might require the issuance of a Qualified Domestic Relations Order (QDRO) and other assets intended to provide financial support during one’s retirement years.
As the Long Island divorce leader, Bryan L. Salamone & Associates, P.C. advocates on behalf of Long Island clients seeking a fair distribution of retirement assets when their marriage ends. Our firm’s experience with high net worth divorces gives us the ability to find creative solutions when spouses disagree regarding these issues. Whether you are going through a gray divorce or just want to be sure that you’re not being cheated when it comes time to dividing the marital estate, please call 1.631.479.3839 or contact us online.