Late Life Divorce
Divorce is a painful and difficult situation for individuals in all stages of life, but there are a special set of issues that divorcees face later in life. Often, those facing a divorce later in life have less time to recover financially, so it’s very important to focus on issues like dividing retirement plans, shared property and social security benefits.
Retirement plans take on a whole new meaning when you reach the point in your life where work opportunities are limited by your age and physical capabilities. During your divorce, you’ll need to know if your spouse has taken any loans against the retirement plans, whether any portion of the retirement plan was premarital, and whether you will receive survivor benefits if your spouse dies after the divorce. Some circumstances require a separate court order, a Qualified Domestic Relations Order, to protect the division of your retirement benefits.
Social security benefits are also an important consideration for those getting a divorce later in life. If you and your spouse were married for over ten years and you are 62 years or older, you may still be able to collect benefits from your former spouse’s social security benefits after your divorce. If your former spouse passes away after your divorce, then you may still be eligible to collect survivor benefits.
If you are considering getting a divorce late in life, then experienced and supportive family law attorney Lois Garber Schwartz can help you determine the best options for you. Contact the law office of Lois Garber Schwartz now at 856-375-8989 to learn more about how she can help you.
The articles on this blog are for informative purposes only and are no substitute for legal advice or an attorney/client relationship. If you are seeking legal advice, please contact our law firm directly.