The process of dissolving a marriage can be complex whether a person in New Jersey is a young adult or is approaching retirement. However, it can be especially complicated for the latter. Here are a couple of items that affect a divorce proceeding later in life, also commonly called a gray divorce.
First, people who have been married for 10 years can receive benefits from Social Security based on their exes’ records if their exes qualify for Social Security. However, they must meet certain criteria to take advantage of this. For one, they must be age 62 or older. Second, their own benefit amounts must be smaller than what they would receive based on their exes’ records.
Also, pensions are important assets to split during divorce proceedings as well. To divide a pension, the divorcing spouses can let the plan administrator know that they are divorcing. The administrator will give them information regarding the structure of the plan and what their options are for dividing it. Then, an attorney can create a qualified domestic relations order, or QDRO, so that his or her client can get the pension amount to which he or she is entitled.
When it comes to tackling financial matters during divorce, it may be beneficial for two divorcing spouses to work toward a mutually satisfactory settlement at the negotiation table rather than going through traditional divorce litigation. In some cases, though, the two parties have no choice but to have a judge decide for them how to handle these matters. Either way, an attorney in New Jersey can pursue the most personally favorable outcome for the client and ensure that his or her rights are protected each step of the way.