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What to consider when moving forward with a gray divorce

There are many reasons why a couple may choose to move forward with divorce. No matter how long you have been married, there are a number of factors that can cause problems and eventually lead to the decision to divorce. This is also true for couples over the age of 50.

When an older couple divorces, it can be especially complex and difficult to navigate the issue at hand. There are fewer opportunities to recoup financial losses, especially if you or your spouse retired. Additionally, there can be significant assets, some accumulated over decades together, that a couple will have to address and divide. This is not easy, no matter how amicable the two parties may be.

Your gray divorce and your future

When facing the prospect of a gray divorce, there are many factors to consider. One of the most important issues will be the full protection of your future financial interests. Older individuals have a lot at stake in a divorce, and it is in your interests to be thoughtful and careful about the choices you make and the decisions to which you agree. 

The number of gray divorces is at a higher rate than it has been at any other point in history. This could be for many reasons, including longer lifespans and changing cultural perspective on divorce. Regardless of the specific reason why you decided to move forward with this decision, there are important financial issues to consider, including: 

  • Alimony is not necessarily a guarantee, and if you are eligible, you may not get quite as much as you hope.
  • Divorce will impact your retirement savings, which may lead to a need to adjust your plans for the future.
  • You might not be able to stay in your family home. It is important to consider if you can afford to stay there on your post-divorce financial resources. 

These are just a few of the issues that could impact your retirement, lifestyle and plans for your golden years. It is in your interests to think about the long-term effect of each choice you make.

There is a lot on the line, but you do not have to face it alone. A complete evaluation of your case with an experienced family law attorney can help you understand how you can intentionally pursue a strong and stable post-divorce future. Gray divorce is complex, but you can seek an outcome that allows you to look to the future with confidence.

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