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The ups and downs of divorcing after retirement

No matter when a couple decides it is time to divorce, there may be financial challenges. However, a Michigan divorce that takes place after the couple retires may come with a different set of considerations.

According to U.S. News, splitting retirement accounts and pensions is one aspect of property division that becomes a much bigger issue after the couple has already retired. When these are divided equitably in the divorce, what was an amount that would support a couple adequately through the golden years may not be so substantial. The only option may be to return to work to stretch the limited payments.

Alimony may be another major player in the finances and standard of living each spouse can expect. After a marriage of decades, a judge is much more likely to determine that the spouse who played a secondary role in the income in the family should receive spousal support. Because there is little chance that a senior will be able to go back to school and get a job making enough money to be self-supporting, the judge is most likely to adjust the situation through a permanent alimony award.

The Social Security Administration states that Social Security benefits may be a boon to one spouse without being a drain on the other's finances. The spouse who did not work as much may receive benefits based on the other spouse's work record as long as the marriage lasted at least 10 years, and a few other conditions are met. This does not at all affect the amount of benefits of the spouse whose record is being applied.

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Lorrie J. Zahodnic

"I will hold you up until you can stand on your own two feet."

Lorrie J. Zahodnic, P.C. has provided skilled and compassionate legal guidance to Michiganders in family law matters for over 20 years.

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