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Dealing with a Gray Divorce (over 50)
Divorce is usually more complex after decades of marriage. Below are a few reasons why divorce can impact gray divorcees differently from their younger couples.
Social Security Benefits for Divorced Spouses
If your marriage lasted 10+ years, you may be able to receive benefits based on your ex-spouse’s records —as long as your ex-spouse is entitled to Social Security and you meet the required qualifications. Ask your lawyer.
Pensions and Divorce
This joint asset can be a challenge to divide. Each pension plan is different, so there’s no standard set of rules. Notify the pension plan administrator that your divorce is in process. The administrator can then provide documentation of the structure of the plan and any possible options. Your attorney will likely need to draft a Qualified Domestic Relations Order (QDRO) for the pension plan to award you your share. This can be complicated. Ask your lawyer.
Health insurance is a concern after any divorce, but it can bring on additional challenges to older individuals. If, while you were married, you had group health insurance through your spouse’s employer, you can maintain that same health insurance through the Consolidated Omnibus Budget Reconciliation Act (COBRA) for 36 months. Ask your lawyer.
Seniors or approaching-retirement couples who are divorcing have little time to rebuild their wealth and security. The assets you had saved together to support one household in retirement will now need to support two. It’s vital that you understand the implications of your divorce.
Ask your lawyer.
Contact a Mercer County Alimony and Spousal Support Attorney Today
Hofmann Law Firm, LLC is located in Princeton, NJ and serves clients in and around Mercer County, Middlesex County, Somerset County, Burlington County, Hunterdon County, Ocean County and Monmouth County. Hofman Law Firm offers FREE Consultations and will help you get the help you need. Call (609) 375-2049 today.