If life were akin to having a meal at a fine dining restaurant, then the twilight years of one’s life would certainly qualify as dessert. Entering the age of retirement should be a time of celebration: a reflection on the accomplishments of one’s life, love, successes and failures. The last thing anybody wants to face in the age of his or her “golden years” is the nightmare of divorce, but the reality of that torment is becoming a frighteningly common statistical trend.
“Gray Divorce,” the ominous term awarded to the idea of ending the marriages of the retired and/or elderly, is the current social movement of which we are speaking. Lovers grow up, they have children, those children move away, and then the people who used to be “lovers” are now grown and aging sages, eager to seek out their own goals and find meaning in and understanding of their own lives.
Reaching the age of retirement and subsequently seeking a divorce is an all-too-common process, and if such an exercise of life is affecting you, we are here to help.
Dealing with a divorce near or during the time of retirement can cause a multitude of issues, including unforeseen complications with any given individual’s retirement funds. 401Ks and retirement savings are important investments for anyone who wishes to ensure financial stability and fiscal rewards during their age of retirement. Gray divorce can leave individuals with as little as half the financial collections they expected, and the process can also leave defendants with large unexpected costs in legal and administrative fees.
The main bullet point here is that financial savings, costs, and benefits will most certainly need to be distributed to both parties involved in the divorce proceedings. In such a case, you will most definitely be dealing with a Qualified Domestic Relations Order, or QDRO; if you are not familiar with the particulars of QDRO, then that is what we are here for. We understand how to deal with a QDRO and how to accurately and fairly divide your Individual Retirement Account (IRA). We know that no funds should be transferred to your ex-spouse from your IRA until the divorce is finalized (else wise these finances will be taxed by the IRS), and that any IRA division must be specifically mandated in the terms of divorce.
When dealing with a gray divorce, you need to hire an attorney heavily experienced with a QDRO, and it is best you know that a regular divorce attorney is not by default knowledgeable in such a legal proceeding.
If you’re in need of legal consultation in the matters of gray divorce involving QDRO or similar matters, involved in either a contested or uncontested divorce, or have questions about your rights as an elderly spouse – the Riley Law Firm has the answers to all of your questions, and are here to help you.