Whether you are facing an empty nest, entering your retirement years or simply reflecting on how your life has changed, you may be reconsidering your life situation in your later years. If a divorce is a part of that consideration, here are three things that you should know.
1. Asset division is likely to be complex
New York is an equitable distribution state, meaning that the property accrued during the marriage will be divided in a way that is considered fair even if that division is not strictly equal. Because this divorce comes later in your life, there may be more property considered in that definition—any property that you may own, your retirement funds, your retirement savings, your vehicle, and more.
2. You may be eligible for spousal support
Spousal support, often called alimony, is a payment ordered by the court at the end of a marriage because of the financial impact that this divorce can have on each spouse. These payments could be an important way for you or your spouse to maintain your quality of life as you enter a new stage in your life. Later in life, this spousal support may cover a variety of the concerns you face, including you or your spouse’s health needs.
3. You are not alone
After years of marriage, you and your spouse have likely changed a lot, and your life situation has changed just as much. The end of your marriage may be daunting, but divorce rates for those above the age of fifty as have doubled in the past several decades. You are not the only one who is considering whether your marriage is still right for you in this new time of your life.
