BROOKLYN, New York. A “gray divorce” is a term used to describe a divorce when one of the persons in the marriage and divorce are over age 50. In many cases, these couples have shared full lives together and have even raised children. What are some of the concerns when individuals choose to get divorced at an older age? Are there any benefits? Here are 5 things you need to know if you are contemplating a gray divorce:
- Women need to consider their financial health during a gray divorce. According to com, some women may suffer a financial penalty when getting divorced. This is especially true if you supported your spouse in his career ambitions, stayed home to care for the children, or if your husband managed the finances. Women tend to be more financially at risk during divorce. This is why it is wise to hire a divorce lawyer in Brooklyn, New York like the Elliot Green Law Offices. A qualified divorce lawyer can help you seek alimony or a fair division of property that reflects your contribution to the marriage.
- Men should consider their social supports during divorce. While women may suffer a financial penalty, men may suffer a social penalty. If the wife managed social events or if a man’s social life revolved around the family, he may have trouble adjusting to life after divorce.
- Consider your children. In a gray divorce, the children may be older and no longer minors. You may no longer be legally required to have a parenting plan or resolve child custody issues if your kids are over 18. However, divorcing couples should discuss the financial needs of adult children before finalizing their divorce. Couples may also want to consider putting their children in the divorce agreement. A divorce agreement can include crucial answers to questions regarding the financial well-being of the adult children. Who will be expected to pay tuition for college? What if an adult child needs financial help? Who will be responsible?
- Consider your retirement plan. Dividing a retirement fund during divorce can be complicated. If you don’t do it properly, you can be subject to serious tax penalties. According to Forbes, dividing a 401K may require a Qualified Domestic Relations Order. This allows funds to be withdrawn and divided without penalty. However, the partner receiving the funds may be required to put the funds back into a 401K plan or other qualified plan in order to avoid a penalty. In many cases, this process must be completed before the divorce is finalized.
- Get a divorce lawyer on your side. If you are getting divorced later in life, you’ve had a lifetime to build up shared assets, property, debts, and legacies. You want to protect your rights, financial well-being, and future. The Elliot Green Law Offices handles a range of divorce cases in Brooklyn, New York. Whether you have questions about alimony, division of property, division of retirement funds, or other questions related to divorce, we can help. Visit us at https://www.elliotgreenlaw.com/ to learn more.