By David P. Badanes, Esq.
If you are over the age of 55 years and contemplating divorce, there are special considerations you need to consider. At this stage of life, you may be at the end of your career or thinking about retiring. You will face different financial concerns than your younger counterparts.
For many older couples, their major asset is their home. In some divorces, the divorcing spouses may decide to sell the home and divide the net equity. In other divorces, one spouse may “buy out” the other’s spouse’s equity. However, in order to “buy out” the other spouse, you will need to qualify for a mortgage with just your income. A mortgage on one income may be difficult to obtain. One other alternative is for one party to take a reverse mortgage loan.
A reverse mortgage loan will allow one party to remain in the house and may provide cash income after the divorce. It may be easier to qualify for a reverse mortgage loan. A reverse mortgage loan may also have favorable tax implications. By using a reverse mortgage, as a source of income, you may be able to delay taking Social Security, which will usually mean that your Social Security benefit will increase.
For older couples, child custody and child support is usually not an issue. Instead, they face financial issues which will effect spousal maintenance (alimony). There also may be significant assets that need to be evaluated and distributed between the parties.
If you are 55 years old or older, contact David Badanes and the Badanes Law Office today. David Badanes understands the special issues that you face. We serve clients in all of Suffolk County, Nassau County and New York City. The Badanes Law Office has offices in Northport, Garden City, Brooklyn and Manhattan. Our phone number is 631-239-1702, our email is firstname.lastname@example.org and our web site is: www.dbnylaw.com.
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