When a Colorado couple decides to move forward with divorce, they will have to navigate various changes in almost every area of life. One party may move out, and spouses will have to divide marital property – and that is just the start of the adjustments you may have to make after your divorce. This is especially true if you and your partner are over the age of 50.
Divorcing later in life will likely require an adjustment to your retirement plans and other things you may have planned for your golden years. Gray divorces, which are divorces involving older spouses, are financially complex, and it is prudent to proceed through this process carefully and thoughtfully. Before you move forward, it is smart to prepare yourself for what is ahead and learn more about how you can protect your rights.
Keeping your retirement dreams intact
There are specific things you can do to keep your retirement dreams intact. While you will likely have to make some adjustments, preparing for this can help you avoid complications and have realistic expectations for the future. Some specific steps that can prove helpful include the following:
- A basic first step is to calculate your potential income and cash flow in the future. Look at your expenses and determine what your cash flow will be on just one income.
- Divorce demands the division of all marital property, which likely includes whatever retirement savings you put aside over the course of the marriage. With less savings, you may have to adjust your expectations for retirement.
- Because of the significant financial impact of a gray divorce, it may be necessary for you to push back your originally anticipated date of retirement. You may have to work longer or take part-time work during your retirement years.
When you are prepared for what divorce will do to your retirement plans, you will be able to think clearly about your financial settlement and pursue terms that are meaningful and beneficial well into the future.
Fighting for a fair outcome
There is a lot at stake during a gray divorce. You will find significant benefit in working with an experienced attorney who can help you make smart choices for your current concerns and future needs. With preparation, guidance and a fair final divorce order, you can still look forward to your golden years after a gray divorce.