While there are challenges that come with the breakdown of any marriage, these issues can be amplified when a couple has been married for many years. When two people divorce as they near retirement, issues like pensions and marital homes are important topics to discuss.
When you are facing the prospect of divorce near retirement in Kawartha Lakes, you could benefit from the guidance of legal counsel from The Riley Divorce & Family Law Firm. One of our compassionate high-asset divorce lawyers may be able to answer your questions about how a divorce may impact your property rights.
A number of factors can impact an older couple’s decision to consider divorce. These issues are unique to them, and many could have been issues for several years.
In some situations, a couple may have simply grown apart. This is especially common when the role of parenting young children has ended. When this shared obligation is over, it can highlight the lack of a bond outside of the relationship with their children.
Lifestyle changes can also be a factor. Two spouses who find themselves wanting substantially different things in life might realize they are at an impasse and are no longer willing to compromise. Other issues might include allegations of infidelity, long-term frustrations surfacing, or different views on what retirement will look like.
Regardless of the reasons a relationship ends, there are complicated legal issues that must be considered. Handling a divorce near retirement can be risky without the help of a Kawartha Lakes lawyer from our firm.
One of the issues that is frequently litigated during these divorce cases is the division of pensions. For most people, these assets represent a lifetime of hard work. They are generally necessary to allow a person to retire, which can lead to contentious litigation over how they are divided.
Dealing with pensions can be difficult because the laws involving their management are complex. They are not liquid assets that are easily sold, and determining their value is not always obvious. In fact, there is a formula that must be used to calculate what these assets are worth in the context of a legal case.
This calculation is made by the administrator of the pension plan, and it is made in part using the date when the couple separated. In some cases, even this fact can lead to litigation. Once the parties submit the necessary documents to the administrator, they will eventually secure a formal valuation.
Obtaining a family law value of the pension is important as this figure is used in setting the equalization payment. It is important to remember that there are limits on these payments as a person cannot use more than 50 percent of the value of the pension to satisfy these obligations. These decisions can have an outsized impact on both individual’s ability to support themselves in retirement, and an experienced Kawartha Lakes lawyer could answer any necessary questions regarding divorce.
When you are facing the end of a marriage after many years together, it can be difficult to know what to do next. However, you should never have to manage this situation on your own.
Speak with a diligent lawyer from our firm about your options regarding divorce near retirement in Kawartha Lakes. All our lawyers are available any time of the day to discuss your case. Contact us today for a free consultation.
Now you can have your Consultation with Paul Riley any time from the comfort of your own home. With video calls from Zoom, your Team at The Riley Divorce & Family Law Firm can meet with you virtually, and learn about your case. All you need is a smartphone, tablet, laptop, or desktop with a built-in camera and microphone.
Paul Riley Law Office
