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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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Your attorney will describe the many options available and determine together which is the right solution for you. By the end of this  conversation, we’ll all understand how we can best help you to move forward.

No Cost or Obligation

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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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.
Sam Berg
Sam Berg
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.


  • I have known Robert for more than 8 eight years. Robert has represented many of my family and friends. Each and every one has raved about Robert’s professionalism and expertise. He is knowledgable, friendly and truly cares about his clients. I would not hesitate to continue to refer Robert and his firm in the future!
  • I’ve known Robert for most of my life, and feel very fortunate that I have been able to turn to a good friend for various kinds of legal advice. He is very intelligent, straight forward, and professional. Most importantly though, Robert always finds the fastest resolution, and will not waste your time or money. He is NOT in the habit of dragging things through litigation if there is no need for the added expense. I have referred a few of my friends to Robert, and they have all been more than satisfied in their experience with him. Highly recommend!!



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