Getting divorced after 50 is complicated. There are issues that some younger couples never have to consider such as pensions and Social Security. For those who have financial resources, a divorce over 50 may mean freedom. However, even if you and your spouse are on your way to retirement, or are already there, there are usually not enough assets after they have been divided for each spouse to maintain their expected lifestyle. For those who shift from saving to spending, a divorce over 50 may mean less time to recover from any financial pitfalls, or even risk of life in poverty.
At the Law Office of Cheryl Bucker, P.A., in Pompano Beach, Florida, we understand the unique issues that those over 50 face in divorce. Our lawyers have years of experience and understand that 401(k)s, pensions, other investment accounts and life insurance may be the most significant assets to you after divorce.
Experience Handling Pensions And Retirement Accounts
For those divorcing after 50, finances are a greater concern. Ignoring taxes on retirement funds could severely alter your post-divorce plan. When 401(k)s, pensions and other investment accounts are at risk, or your spouse started saving for retirement before marriage, your needs are typically more complex, requiring the collaboration of accountants or an actuarial analysis to protect your future financial security. Our lawyers will strive to protect your best interests while negotiating an equitable division of your assets to provide you with as much financial freedom as possible under the law.
Alimony And Social Security
In some cases, whether a couple is retired or still working, monthly income may be a greater concern than the division of 401(k)s, pensions or other financial accounts. Alimony, which is based on one spouse’s need and the other spouse’s ability to pay, is used to make sure a spouse is financially whole after a divorce. If you have been married for at least 10 years, one spouse may be entitled to the Social Security benefits of the other at age 62, so long as the receiving spouse does not have work credits that exceed half of the ex-spouse’s, and he or she remains unmarried. Will you draw the Social Security benefits you’re entitled to, or half of your former spouse’s benefit? Before electing to claim your spouse’s Social Security, speak to our experienced lawyers, who will help you understand your rights and options when creating a post-divorce plan for life after marriage.
Relying on monthly alimony payments from an ex-spouse gets riskier every year after 50. Our attorneys have more than 30 years of combined experience helping men and women protect their alimony awards by asking the court to require the paying spouse to purchase or maintain a life insurance policy with the ex-spouse, or spouse receiving alimony, as the sole irrevocable beneficiary of the policy. Unfortunately, being the sole irrevocable beneficiary is not always enough to protect yourself. Our lawyers will fight to ensure that you are the outright owner of the policy or ensure that you are protected against the possibility that your spouse may allow the life insurance coverage to lapse prematurely.
Schedule Your Complimentary Consultation Today
To discuss your divorce with one of our attorneys, please call our law firm at 954-773-8983 or toll-free at 888-392-5781. You may also contact us online.
We are available between 9 a.m. and 5 p.m. Monday through Friday, and our Pompano Beach office is located just before the intercoastal bridge on East Atlantic Boulevard in Atlantic Square Plaza.