If you ask most individuals, they’ll say that there’s never a right time to go through a divorce. Coming to terms with the fact that your marriage is ending can hard on anyone. It’s particularly difficult for those who are preparing to retire or who have recently done so. If you’re slated to start receiving Social Security (SS) benefits soon, then it can be equally difficult.
One of the most difficult assets for divorcing couples to split up are retirement plans or pensions.
If you’ve built up funds in your retirement fund in hopes of having access to that money to live out the rest of your days, then the prospect of you losing a significant portion of your savings can be daunting. You may wonder if you need to rejoin the workforce. This may be harder said than done as you age.
One strategy that you may want to pursue when dividing up marital assets during a “grey divorce” is to see if your spouse may accept other valuable property instead of your retirement proceeds. If your husband or wife isn’t willing to consider this, then you may want to see if they might be willing to accept increased alimony in exchange for leaving your pension alone.
If your spouse is dead set on laying claim to your retirement plan, then you may want to consider making a lump sum to them. Doing this may allow you to more adequately assess your financial situation and prepare for the future.
You should also keep in mind your current or future SS benefits when dividing up property or deciding on spousal support with your spouse. If you two were married at least ten years, then your ex will be able to gain access to your SS benefits. If your husband or wife lays claim to them, then this can greatly impact what you ultimately receive. You may have less money to rely on to support yourself as you age.
While some assets are considered to be marital ones and thus must be divided among spouses when they divorce, inheritances, gifts and other premarital items are yours alone. A property division attorney in Hamilton can explain how not everything is up for grabs. The advice that your Ohio lawyer provides you with may make moving forward with your Ohio divorce a lot more digestible, especially if you’re advanced in age.
