Quatela Chimeri, PLLC

Divorce settlement terms may impact how older people save money

It is not unusual for New York residents to worry about their retirement. They may wonder when they will be able to retire, whether they will have enough funds to live comfortably and what they will do with their time. Some individuals may face greater concerns if they face a major life-changing event, like divorce, as they near retirement age.

Fortunately, individuals who divorce at an older age do not simply have to feel as if their finances are going down the drain. Certainly, this event can cause major financial changes, but parties can takes steps to ensure that their retirement funds are not completely decimated. Depending on one's age, working for another year or so before an intended retirement age may help add some cushion to a retirement account that divorce may have negatively impacted.

Parties may also want to make their divorce settlements work for them as best as they can. Because spousal support is often awarded after individuals have been married for decades, people who obtain alimony payments may find it useful to set aside that income for later use. Of course, it is important to keep the terms of alimony agreements and other post-divorce financial arrangements in mind when determining how to budget and save.

The financial impacts of gray divorce can be long lasting, and because older individuals could more easily face difficulties, they may want to assess their affairs and determine how the terms of their divorce could help them. Negotiations and agreements can play a major impact in how a person fares after ending a long-term marriage. Therefore, New York residents may want to explore what options could help them reach beneficial settlement terms.

Source: westborough.wickedlocal.com, "7 ways to save for retirement if you divorce later in life", Alan F. Auteri, March 13, 2018

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