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Divorce Effects on Retirement Plans on Long Island

Divorce Effects on Retirement Plans on Long Island

Many Long Island residents find that their divorce has impacted their retirement plans. Many learn the hard way that the division of their assets in their divorce is forcing them to wait years longer than they expected to retire, if they are able to retire at all. This is surely a concern for many, and a good reason to start thinking about protecting your own interests and planning for your own retirement — whether or not you are or will be divorced.

The Cost of Divorce on Long Island

Approximately one in five Americans over the age of 65 is still working, and some have speculated that the divorce rate is one of the factors contributing to this phenomenon. Though divorce rates seem to be trending downward, research continues to suggest that about half of all marriages end in divorce.

The financial repercussions are clear: instead of two incomes to pay a rent or mortgage, and all of the other expenses that go with it, there is only one. In addition, it is often true that one spouse will trade the retirement income for the family residence or some other asset that they need to keep. Splitting these resources between two people can result in one or both former spouses falling behind when it comes to retirement. This is all before taking into account the expense of the divorce itself.

Effect More Severe on Divorced Women

The effect on retirement has a more severe effect on women, likely because women tend to earn lower wages than their male counterparts, in addition to the fact that some decided to stay home and raise their children. In fact, one study of 56,000 women found that women who divorced in their 50s were about 10 percent more likely to be working full time through age 74.

This Boston College study also suggested that divorcing earlier in life may have a lesser effect on divorce, possibly because those who divorce in their 20s and 30s have the ability to rearrange their long term plans for their futures. It is often more difficult to find ways to increase your income at an older age.

As a result of these factors, older individuals face the reality that they must continue to work and find new ways to support themselves.

Take a Financial Inventory Now

To preare, you should first take an honest inventory of your financial situation. This might include a review of your existing assets and whether they can support you through retirement. It might mean that you will need to start contributing to an Independent Retirement Account or other investment account. On the other hand, take a look at how you are spending your money, and determine when and where you can cut corners to save for your future.

Think About Contributing More to Retirement

Find new sources of income, perhaps by investing your money. Speak to an experienced financial advisor who can help you make your long term and short term financial hopes and plans a reality.

Work with Your Former Spouse

Another consideration that may be more possible for some divorcees than others is to discuss these concerns with your former spouse. Perhaps there are certain ways that you can remain a team in order support your children or pay for some of your expenses that will ultimately save you both money in the long run. Some Long Islanders have been successful by saving on things like car insurance, phone bills, or even child care expenses.

Consider Legal Separation Instead

Finally, if you or your spouse will soon become eligible for Medicaid or Social Security, it might be wise to delay the divorce or simply get a legal separation. Social Security offers an increased benefit to married couples, and in addition allows a surviving spouse to collect a higher amount in instances where a deceased spouse had a higher benefit amount. Be careful of losing your health coverage or benefits. Talk to your financial advisor or divorce lawyer to find out of these variables will affect you.

Long Island Divorce Law Firm Can Help with Retirement

The Long Island Divorce Law firm of Hornberger Verbitsky, P.C. can assist you in determining how and whether divorce will affect your retirement, and what you can do to mitigate the consequences. Our family law attorneys are experienced in all aspects of Long Island Divorce and Family Law, and would be pleased to answer your questions regarding your retirement plans. We offer free consultations in our conveniently located Melville, New York office. Contact us today at 631-923-1910 to schedule your free consultation.

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Robert Hornberger and Christine Verbitsky

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There is no cost or obligation for this initial consultation. It is simply an opportunity for us to get to know each other, answer your questions and learn if Hornberger Verbitsky, P.C. is the right law firm for you. Give us a call at 631-923-1910 or fill in the short form below for your free consultation and case evaluation.

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Free Long Island Divorce Guide

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Our 41-page “Guide to New York Divorce: What You Need to Know Before Hiring a Divorce Lawyer in New York” written by an experienced family law lawyer, Long Island’s Robert E. Hornberger, Esq., provides you with real information on the divorce process and the laws it rests upon in the state of New York. This book will help give you a solid foundation upon which you can begin the process of making your family’s, life better. Download your Free Guide to New York Divorce here.

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rrezarta lekaj
rrezarta lekaj
20:47 24 Nov 21
Christine is truly the best there is. She is beyond professional, personable, genuine, extremely trusting, and has made such a stressful and emotional time for my family and I easier to get through. Thank you so much from the bottom of my heart for your guidance, your support, and being there every step of the way. I would highly recommend Hornberger Verbitsky, P.C. to anyone that is in need for legal advice - you will be in the best hands.
Rob and Christine are the very best out there!I can not say enough about them. They both have helped me so much in different matters throughout the last several years . They have gone over and beyond!I highly recommend this law firm !
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rrezarta lekaj
rrezarta lekaj
20:47 24 Nov 21
Christine is truly the best there is. She is beyond professional, personable, genuine, extremely trusting, and has made... such a stressful and emotional time for my family and I easier to get through. Thank you so much from the bottom of my heart for your guidance, your support, and being there every step of the way. I would highly recommend Hornberger Verbitsky, P.C. to anyone that is in need for legal advice - you will be in the best hands.read more
Janine Martello D'onofrio
Janine Martello D'onofrio
21:00 02 Oct 21
Rob and Christine are the very best out there!I can not say enough about them. They both have helped me so much in... different matters throughout the last several years . They have gone over and beyond!I highly recommend this law firm !read more
Tara Tocci
Tara Tocci
20:59 17 Sep 21
I called to make an appointment for a consultation to discuss a mediated divorce, the office was fantastic with getting... me a prompt appointment. When going in all my questions were asked and I left feeling comfortable in my decision to move forward in using the Hornberger/Verbitsky office. Despite a pandemic going on the office still worked diligently to get my papers filed and my divorce complete in a timely manner. Highly recommend!read more
cristina romero
cristina romero
20:17 17 Sep 21
Hornberger Verbitsky, P.C were phenomenal in every way. Robert was very genuine, patient and professional. Walking in,... I had no idea what to expect but he went above and beyond to explain the entire process thoroughly. He guided and informed me of my rights. Patty was amazing, she answered every question I had no matter how many times I called, she was very understanding. I highly recommend Hornberger Verbitsky, P.C. Even if its just for questions on how to navigate this process.read more
Kerri
Kerri
16:57 17 Sep 21
Rob and his team are by far one of the greatest! Patty is amazing and will make sure all of your questions are... addressed and responded to. Rob and his team made a very tough time in my life as simple as possible. Rob is extremely knowledgeable and very empathetic. Patty was a pleasure to work with and I would recommend this firm to anyone that needs a great divorce attorney. Thank you for all of your help!read more
Angela Thearle
Angela Thearle
00:21 07 Aug 21
Hornberger law was the best choice I made when I needed to go to family court with my ex for custody of my children.... They were there at any time when I neeeded them. Going through a custody battle can be a huge emotional rollercoaster and very painful. They helped me through it and made it less painful and heartbreaking. And I got the outcome plus more than I expectedread more
Tammy Granville
Tammy Granville
11:49 04 Jul 21
Everyone was very professional. Never had to call to get an update on my case. Someone always updated me on a regular... basis.read more
LilMissPerfct Dessie
LilMissPerfct Dessie
06:46 11 Feb 21
I am a graduate of Norland English nanny college. I thank God every day that Mr. Robert Hornberger protected my clients... in the legal ways i could not. Children are a blessing not a blender to be fought over during some silly spat!read more
Anastasia R
Anastasia R
22:45 17 Dec 20
I went to see Rob for a modification for my child custody agreement to relocate, I can honestly say that working with... Rob and Christine has been the best experience. I cannot recommend them enough I only wish I had seen them sooner. They are prompt with communication, and they are honest which I appreciate so much. They do not give you fake promises and they do their best to fight for what you want which they do amazingly well! You can tell they are passionate about what they do and care about their clients. A very important aspect of lawyer client relationship for me is an open line of communication, the anxiety of the unknown always gets the best of us. The fact they were always available whether it be phone call or email to answer any question was extremely comforting and exactly what I needed. I am not well versed with laws and regulation so knowing I had Rob and his partners there when I was unsure or conflicted was extremely needed and greatly appreciated.When it comes to family court it's never easy but having Rob and his partner by my side I felt extremely comfortable and he helped me have realistic expectations. Please TRUST HIM!! If you're looking for a lawyer (at least for my end from child custody/Family Court) don't look any further you will not be disappointed. I hope to never have to use them again but in the event I have to, they are going to be my forever first call.read more
A Google User
A Google User
15:42 16 Sep 20
I hired Robert to handle a child custody and child support matter. He was prompt and professional and was able to... achieve a result that 3 prior attorneys could not. He and his staff made a stressful situation easy. I highly recommend his office.read more
Ann Masten
Ann Masten
17:48 12 May 20
I am a paralegal in an unrelated field of law. I phoned Hornberger Verbitsky, P.C. today intending to refer a client... to their office. Instead (and despite that we are the midst of the present crisis), Mr. Hornberger himself graciously accommodated my questions over the telephone, and was generous with his time and adroit in his response, saving our client a small fortune in unnecessary legal fees. I have not had any similar experience, in which counsel was so generous with his expertise, in 22+ years of interacting with prominent, local attorneys, and the client is overjoyed. Based on this experience, I would now whole -heartedly recommend this firm as trusted professionals to any client requiring a firm expert in family law and related legal issues.read more
Everett Roberts
Everett Roberts
14:30 18 Mar 20
Going through a divorce was very challenging and emotional. Searching for an attorney can be challenging as well when... you consider everything that is at stake. The choice I made to work with Rob Hornberger was surely the best choice available. His professionalism, expertise, and understanding made him and the entire team perfectly suited to achieve the outcomes I desired. Rob was always available to answer my questions and give me advice and legal considerations that affected my situation. The support I received from his staff was exemplary as well. The staff was courteous, kind, and also very professional. Thank you so much Rob and team for a worry free experience.read more
Annemarie Cusumano
Annemarie Cusumano
21:41 17 Mar 20
Being in family court especially when your children are on the line is extremely emotional and stressful but working... with Robert and Christine put me at ease and made the process as pleasant as a situation like that can be. I have a now 3 year old daughter (who is the most important person in my life) and I've been working with them for over two years since my daughter was 7 months old, the case has been up and down and through it all Rob and Christine have never given up. My original case was due to a neglect charge. Cps is not easy to work with, but Rob and Christine were vigilant and I ended up getting my daughter back within 8 months and did not have to plead guilty to the neglect. Currently I am in family court to figure out a custody agreement. They are professional, empathetic, and patient. They have always explained everything thoroughly, informed me of all my options and advised me of what my best option would be. They always respond quickly when I contact them with questions or concerns and most importantly they fight for me in court and don't give up even when things get rough. Before hiring Rob and Christine I met with other attorneys who did not make me feel confident or comfortable at all about my case, so I am very grateful to have found Rob and Christine and to be represented by such great attorneys. I highly recommend them for any family court matters and will definitely continue to use them in the future if needed.read more
Randi Gottlieb
Randi Gottlieb
18:47 03 Mar 20
Hornberger Verbitsky, P.C. - Mr. Robert Hornberger and his staff are beyond professional, they quickly gave me my... consultation appointment, and helped me with an after-Divorce issue. Mr. Hornberger was empathetic and explained to me what I should expect. Mr. Hornberger was extremely professional and advised me of my options, he helped me proceed with accurate and smart decisions. I wish I had Mr. Hornberger and his highly recommended staff when I was getting divorced. I would highly recommend Robert and his staff to anyone who is getting a divorce or in need of help with situations after the divorce!read more
Rob Spielmann
Rob Spielmann
22:15 27 Feb 20
They made our process so easy. They were there to answer and help with any questions that came up. Very friendly
Ashley Hubner
Ashley Hubner
20:30 14 Feb 20
Navigating my divorce was a challenging experience to say the least, but I was supported and guided every step of the... way by my attorney, Robert. With the daunting task of hiring a divorce lawyer, I knew I would need someone with the right combination of knowledge, compassion and integrity. Robert has a strong background in family law, sincere character and direct communication to be superior to the others. He and his staff were professional and caring. I always felt I was in good hands. I highly recommend the Law Offices Hornberger and Verbitsky for the legal expertise, compassion and understanding of the many complex facets associated with divorce.read more
Thomas Livingston
Thomas Livingston
21:31 26 Jan 20
Robert and Christine are the epitome of professionalism. They helped us with the purchase of our new home. They were... efficient, dedicated, and focused on making our closing as seamless as possible.read more
Sheila Vasata
Sheila Vasata
23:35 14 Jan 20
Robert Hornberger has been a friend of mine and my family for years. He has helped us all in ways that are too... numerable to mention. I went through a divorce that I don’t think I could’ve done if I didn’t have Robert by my side. He is vivacious, motivated, knowledgeable, and has an extreme desire to succeed and excel...and he does! He goes over and above for all of his clientele. I would recommend his law firm to anybody who is looking for a Great Lawyer with integrity!read more
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