Income Considerations
One of the main concerns for anyone getting a divorce is, "where will I get my income and how much will I have?" This is particularly true for couples divorcing later in life.
Some of the concerns regarding income in a Gray Divorce are:
- Your expenses as a single person may increase compared to being married.
- You may have to pay spousal support payments (alimony).
- If you haven't worked recently or regularly, it may be difficult to enter the workforce later in life.
- You may need income to fund a delayed retirement or to ensure your retirement savings aren't depleted too quickly.
- Splitting a retired couple's fixed income can result in insufficient resources to support your lifestyle.
A qualified Gray Divorce attorney should assist you in understanding what impact a divorce may have on your post-divorce income and lifestyle, and help you develop a strategy to optimize the results in your case.
Will I pay/receive spousal support or alimony?
Spousal support payments are common when a long-term marriage ends. Long
term spousal maintenance is definitely a possibility, particularly if
one spouse earns significantly less or has no income. When determining
spousal maintenance awards, each spouse's income, education, earning potential,
and health are scrutinized.
If you might be subject to paying spousal support, your divorce attorney should explain your options for non-taxable spousal support payments and how your retirement planning will be affected by long-term spousal maintenance.
If you are the lesser-earning spouse, it is important for you and your divorce attorney to establish what amount and duration of spousal support will provide you with financial security, although you should also expect that lifestyle changes (such as finding employment or living on a budget) may still be necessary.
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Client testimonials
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"I knew I had a great team looking out for my best interest."My daughter is the sunshine of my life. I felt despair and a sense of helplessness on the day I was served. On the first appointment day when I arrived at the office and sat down with my lawyer, I knew I had made the right decision. From the beginning of my case to conclusion, I knew I had a great team looking out for my best interest (and the best interest of my child). Thank you McKinley Irvin!- Christine P.
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"Thanks for all the work for our family over the past year."Thanks for all the work for our family over the past year. We’re really glad you are on our side.- P.O.
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"I always felt my specific needs were very well represented and that I could count on David to be a trusted adviser."David remained very level headed and family focused throughout our proceedings. That said, I always felt my specific needs were very well represented and that I could count on David to be a trusted adviser during an otherwise difficult time.- T.M.
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"We would highly recommend the knowledgeable and dedicated law firm of McKinley Irvin to anyone who might be seeking legal services."In our search for a reputable law firm to handle my sister’s divorce case, we explored our options until we found the McKinley Irvin law firm. McKinley Irvin has, through our experience, proven to be compassionate, understanding and patient during the long term process of my sister’s case. Due to her disabilities she needed more than the legalities and McKinley Irvin was able to provide their knowledge as well as the assurance to my sister that her case would be handled in her best interest. We cannot begin to express our gratitude for all that the McKinley Irvin law firm has done for us. We would highly recommend the knowledgeable and dedicated law firm of McKinley Irvin to anyone who might be seeking legal services.- P.M.
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"I cannot imagine two people better able to represent me."Without David and Sam, there is no way I could have made it through this exceptionally difficult time in my life. I cannot imagine two people better able to represent me, nor a better firm to handle my affairs. You all have been wonderful!- M.L.
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"My attorney was very good in and out of the courtroom. Always kept me up to date on any issues that came up."My attorney was very good in and out of the courtroom. Always kept me up to date on any issues that came up and was very knowledgeable on custody issues.- R.R.
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"You all stood by me no matter how trying my case got. I always felt at ease knowing that you were there to guide me through this."I would like to give my sincere appreciation to Jennifer Payseno and staff. You all stood by me no matter how trying my case got. I always felt at ease knowing that you were there to guide me through this most difficult time. Thank you for not only being my attorney but becoming part of our extended family.- M.F.
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"Thank you very much for doing such a wonderful job. It has been a pleasure working with you."Dave, thank you very much for doing such a wonderful job. It has been a pleasure working with you.- R.C.