SILVER (GRAY) DIVORCE Attorney in NJ
Divorce after the age of 50, also known as a Silver Divorce, takes special consideration in preparing for future support needs when an income stream from earnings is coming to an end. At retirement, the same funds will need to support two households, typically on a reduced income, with only a portion of the martial savings. While having the same legal requirements and issues as any other divorce, a Silver Divorce can have specific repercussions given the parties’ age at the time of the divorce.
Most couples who fall into this category have been married between 20 to 40 years. While the overall divorce rate may be declining, the divorce rate for couples over 50 continues to rise.
In a Siver Divorce, Lomberg & Del Vescovo focuses on the parties’ ability to maintain themselves after the divorce. The parties’ life expectancy, medical issues, social security benefits, life insurance, and how each party can maintain their lifestyle require consideration of the financial arrangements when the parties are divorced and what changes occur on retirement. This analysis includes a review of all retirement income, including pension and social security benefits, towards achieving a workable solution for both parties. While a party’s social security benefits are not subject to equitable distribution, we consider each party’s social security income in determining alimony. Suppose the facts result in a significant disparity in social security income and income from other sources. In these particular situations, Lomberg & Del Vescovo can assist in developing a resolution for both spouses to have sufficient income to meet theirs after-tax support needs after their divorce.
At Lomberg & Del Vescovo, LLC, we recognize the uniqueness of a Silver Divorce and how to achieve the desired resolution for both parties.
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