This blog is the conclusion of my six part bullet point series summarizing my divorce mediation blogs over the years.
Mature couples going through divorce, sometimes referred to as gray or mature divorces often have a different perspective than younger couples. Mediation is a good option for these couples as well, though, some will still opt to litigate. After all, it takes two people willing to sit down and negotiate to be able to engage in alternative dispute resolution. Having an expeditious process, which mediation is the most likely to be, is often a top priority for older divorcees. Having a fair settlement that allows each side to meet their needs going forward is of utmost importance. Like for everyone, these couples are advised of the importance of using review attorneys and speaking with financial and tax professionals to ensure that they will be able to take care of themselves, in the right manner, after the couple separates and divorces. The mediation can focus on budgets and how it is that the transition from one household to two can be accomplished so that everyone is able to move on with the next chapters of their lives. How to handle distribution of retirement assets like IRAs, 401ks, and pensions is particularly important to focus on in divorce mediation for older individuals. What to do with the house, marital debt and perhaps child custody (if there are children under 18), and child support (which the default law in New York is that it lasts until 21 years of age) all are topics that might still apply. Everything needs to be explored.
Notably, social security benefits are not something that can be distributed in divorces. Rather, each person’s entitlement to social security benefits is determined by the federal Social Security laws. But social security benefits might be something that does get discussed in mediation. The benefits are income to the recipients and can be important in determining the proper amount of maintenance or support to be paid from one party to the other and for how long it should last. Likewise, someone’s entitlement to Medicare is something of a matter covered by federal law. This might be worth discussing in order to figure out how long one spouse needs to stay on the health insurance plan of the other. Often a separation agreement might be an option to stay on the spouse’s plan for a period until Medicare would kick in. Divorce is an event that in all or most instances prevents someone from staying on the health insurance plan of the ex-spouse. When Social Security or Medicare kicks in is something that parties can discuss with their divorce mediators in order to figure out how long maintenance should last. Continue reading ›