Retirement Issues
A divorce later in life results in less time for both people to recover financially and continue to save for retirement. After a Gray Divorce, the retirement you planned may not be as comfortable as you intended, or may even need to be postponed.
Your retirement assets may not be enough for both parties to maintain their accustomed standard of living.
It is more expensive for two people to live separately than two people living together. When a couple's retirement assets are divided in a divorce, each spouse may have to face the decision to either delay retirement, save more money for retirement, or reduce their standard of living.
Early depletion of retirement funds to
supplement income is a risk.
If a spouse needs an immediate source of income, or is awarded an asset
(such as a home or a business) that costs more to maintain than he/she
can ultimately afford, that person may end up using retirement funds to
make ends meet. This poses a serious risk, however, of not having enough
retirement savings when he or she actually retires. When dividing retirement
assets in a divorce, your attorney should take precautions to minimize
the chance you'll have to deplete your retirement savings early.
It is also important to consider the tax implications of accessing retirement funds, such as tax penalties and fees incurred for withdrawing retirement funds prior to age 59 1/2.
Seek the advice of experienced divorce attorneys and financial planners.
If you are an older individual and wish to divorce, you should seek the advice of a divorce lawyer who understands the effects of dividing retirement assets relative to you target retirement date. It is also important to consult with a financial planner to analyze and model the impact a divorce will have on your income both now and in retirement.
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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.