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Long Island Family Law Blog

Gray divorce: can it threaten financial security?

Divorce for couples over the age of 50, also known as gray divorce, is increasing in frequency. As average life expectancies rise, unhappy couples would rather divorce than potentially spend 30 years of retirement together. The Society of Actuaries estimates that approximately 1/3 of men and 1/2 of women will live to the age of 90. Older couples would rather split and spend their golden years happily alone than unhappily together.

While divorce is never easy, gray divorce comes with increased financial concerns. Why is gray divorce a heavier financial burden than divorce between younger couples?

High asset divorce does not always mean contentious litigation

Earning a considerable amount of wealth during one's lifetime can often bring about a sense of pride and accomplishment. Being able to provide for a family with a substantial income may also allow individuals to feel a sense of comfort. However, if a marriage comes to an end, the idea of high asset divorce can seem daunting.

New York residents may be interested in one wealthy couple that recently came to a divorce settlement in another state. Reports indicated that the wealthy couple had an estate worth approximately $50 million when the wife filed for divorce early last year after being married for 56 years. However, after her filing, her husband filed his own counterclaim. It was unclear whether any type of contention existed between the couple that may have presented issues.

The problem of dividing ESOPs in divorce

A standard part of compensation contracts today is the ESOP or employee stock option. To make employment and retention attractive, employees are offered shares of their company's common stock, for them to buy or sell at their option.

A benefit once offered only to top executives is now available to millions of employees at every level. About half of all companies offer stock option plans of one kind or another.

Mike Epps to pay spousal, child support in divorce settlement

When celebrities end their marriages, it is not unusual for the settlement terms to come with high numbers related to alimony and child support. Of course, it is not only celebrities who may face such outcomes, as any individual going through a high-asset divorce can face considerable financial implications. Nonetheless, these celebrity cases can often provide examples to individuals interested in possible settlement outcomes.

New York residents may be interested in the recent settlement details released regarding the divorce of actor Mike Epps and now ex-wife Chenelle Epps. The two had been married for approximately a decade when Mike filed for divorce in 2016. Chenelle stated that she was caught off guard by the end of their relationship, but she attributed her ex-husband's interactions with another woman as a major cause.

Dividing IRAs early may have negative impacts during divorce

It is not unusual for New York residents to handle issues associated with ending their marriages in the manner they see most fitting. However, if parties do not have the correct information, the decisions they make when it comes to property division and other divorce aspects could have negative repercussions. In particular, parties could face considerable financial detriment if they do not properly divide their IRAs.

One man's account of incorrectly dividing an IRA was recently given in a report. As many people know, altering funds in an IRA by means of withdrawals and transfers can often come with penalties. The man involved in this case had agreed to split the funds in his IRA with his soon-to-be ex-wife. However, rather than waiting until the divorce was finalized, the man withdrew the funds from his IRA, placed them into a joint account and gave half of the money to his wife.

Marital stress may have greater impact on kids than child custody

Many New York residents may believe that children should have two married parents no matter what the circumstances. This belief may stem from thinking that divorce and child custody issues could place too much stress on children and that the parents should instead stay married to prevent such stress. However, if parents simply do not get along, staying married may not prove beneficial.

Based on various studies, it has been determined that divorce itself does not negatively impact children. Rather, it is the manner in which parents choose to handle the situation and aftermath that has the most substantial impacts. If parents believe that they should stay married despite constant fighting, they may expose their children to the stress they fear ending the relationship may create.

Divorce facts for older parties may surprise some New Yorkers

Though the idea of ending a marriage may seem unlikely to some parties who feel happily married, this type of situation could happen to anyone. The reasons may differ from couple to couple, but even New York residents who once felt that divorce could never happen to them may find themselves facing legal proceedings. In fact, some older parties may even consider this option after decades of marriage.

Between the years of 1990 and 2010, people over the age of 50 saw their divorce rate double. This information came from a survey that utilized more than a million individuals over 50 years old as participants. The survey still indicated that middle-aged individuals had a higher likelihood of getting divorced than older people, but older parties saw the rate increase more quickly.

Reliable info may make difference in New York divorce cases

When a New York resident faces any significant life change, others may step in to offer what they believe are words of wisdom. Of course, not all advice is reliable, and when individuals are going through divorce, it may be wise to explore legal options rather than simply accepting the words of a friend or family member. Ensuring the reliability of information may be especially important due to common misconceptions surrounding divorce.

One mistaken belief that many people may have relates to who will get the house when it comes time to divide property. Often, one party will move out of the residence when the decision to divorce has come about. When this happens, the person who remains in the home may think that the other party has given up his or her rights to the property. However, this is not the case, and the home will likely still be considered a marital asset.

Exploring methods may help in New York high asset divorce cases

Marital disputes may lead many New York residents to decide to end their relationships, but unfortunately, that decision does not necessarily mean the disputes will end. Going through a high asset divorce may set individuals up for arguments and drawn-out legal battles as they work toward a settlement. However, if individuals end up with their desired goals, the process may seem worth the effort.

Two individuals in another state have been locked in a contentious divorce case for nearly a decade. Money is certainly playing a starring role in this case as millions of dollars are on the line. The fortune comes from the founder of Cancer Treatment Centers of America, and as part of the divorce, the man's ex-wife is hoping to receive $400,000 a month in alimony.

Divorcing a business partner: Things to consider

Dissolving a marriage is rarely an easy process. However, it can be significantly more difficult when you are married to your business partner. Creating a life with someone is often a normal aspect of marriage, but those whose livelihoods come from a business built on a marriage can find themselves facing additional stresses when the marriage ends.

Some people are willing to take greater risks with their marriage than with their business, but if you have taken a thorough look at your situation and you have decided that a divorce is the best course of action, you will also want to dedicate some time to considering what options are available to you.

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