Any divorce is an emotionally challenging process that will involve significant financial changes for both parties. These changes can be particularly complicated for older couples who are near or past retirement age. A gray divorce is one that involves two people age 50 and up, and there are unique challenges faced by those going through this type of divorce.
If you are facing a gray divorce, your future interests could be at stake. It is particularly important for you to pursue terms that will allow you to have stability and security long-term. Your financial interests depend on making smart and practical choices that will allow you to secure a final order that allows you to look to your golden years with confidence.
The path ahead
A gray divorce is especially complicated because it is likely that you have accumulated assets and are preparing for your retirement. Due to the division of marital property, you could lose some of what you saved for your post-career life, and you may have to adjust your retirement plans. Some of the reasons that gray divorces are uniquely complicated include:
- Older couples may have significant accumulated assets, and it is not always easy to determine which assets are subject to division.
- After a lengthy marriage, or if it’s a second marriage, it may be difficult to find all marital assets that are subject to division.
- Spouses will have to decide how they want to divide retirement accounts and long-term savings, or else state property division laws will dictate what happens to these funds.
You may have to adjust your retirement plans after a divorce, but it is possible to pursue a final order that will allow you to feel confident about your financial interests in the years to come. As you consider options, negotiate terms and pursue your desired outcome, you may benefit from viewing these choices through the lens of what makes the most sense long-term.
Your retirement dreams
A gray divorce may change your retirement plans, but it does not mean you have to put your hopes and dreams on hold forever. As you navigate this complex process, you will benefit from understanding your options and the most effective way to fight for your property rights and financial security.