Heymann & Fletcher

How older adults can protect their interests in a divorce

Divorce will inevitably bring financial changes to both parties in a divorce. These changes have the potential to impact long-term interests, particularly if the parties are nearing retirement age. Older individuals in New Jersey who are facing divorce will find it beneficial to learn more about how they can protect their financial interests, particularly those related to their long-term security after they stop working.

Gray divorce, which is a divorce between parties who are age 55 and up, is more common than ever before. One of the primary concerns in this type of divorce is the division of retirement assets accumulated over the course of the marriage. For some couples, this represents decades of joint savings. Splitting these assets can take a significant toll on what a person expects from his or her retirement. 

Another financial matter to consider is alimony, or spousal support. A court may grant spousal maintenance to the lesser earning spouse. This determination depends on factors such as the length of the marriage, the earning capacities and more. These payments can have a significant impact on the post-divorce financial future of both the paying spouse and the recipient. 

There are various ways a person can protect his or her financial interests in divorce, and one of them is to know what to expect. When an older New Jersey couple is heading for divorce, a spouse may find it beneficial to work with an experienced legal ally who can help him or her secure terms that are fair and reasonable. While divorce can greatly impact retirement and other plans for the future, a person has the right to fight for whatever he or she needs to look ahead with confidence. 

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Heymann & Fletcher
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Toll Free: 800-481-8549
Phone: 862-781-0029