Tips for Getting Through a Divorce During Retirement
Divorce during retirement age can come with some unique complications, due to the likelihood that the marriage had existed for decades, and the greater level of assets you’re likely to be dealing with.
Here are a few things you’ll need to consider to get through a so-called “gray divorce” as smoothly as possible.
- Look into your Social Security payments: Social Security is a major source of income for many people in retirement, making it important to determine if the divorce will impact your Social Security payouts. In most cases, you are eligible for up to half of your ex’s Social Security benefits if you were married for at least 10 years and do not get remarried.
- Consider what happens to retirement benefits: Are you or your ex entitled to a pension or other retirement benefits? You’ll need to work with an attorney to negotiate how those benefits will be split in the divorce, including retirement account balances accrued during marriage.
- Determine who, if anyone, will keep the house: If you have children, they’re likely to be grown and gone by the time you reach retirement age, so it might make logistical and financial sense to sell the house and buy or rent a smaller place. Avoid hanging on to a house you cannot afford solely for sentimental reasons.
- Keep adult children informed: Your adult children are just that—adults. Continue to support them and avoid trying to “poison the well” by blaming the other spouse, but you can keep them more informed about the processes of the divorce than you would if they were younger, because they’re emotionally and intellectually capable of handling it.
For more “gray divorce” tips, contact an experienced Long Island divorce lawyer at Bryan L. Salamone & Associates.