Divorce is an event that has the potential to impact virtually every area of a person’s life. If you are considering this choice, you know that one area in which you will experience significant change is in your finances. While the impacts of divorce can happen at any age, this is particularly true if you are age 50 and above. Gray divorce may require special considerations.
Gray divorce is a divorce between two people who are age 50 and older. It is becoming more common for people to choose this path later in life, even if they are close to retirement age. If you are a Colorado woman moving forward with a divorce and you are age 50 or older, you may benefit from learning about the ways you can financially recover and move forward after this process is final.
Divorce and your future
It is becoming more common for people to choose to divorce later in life. One common reason for this is changing perspectives on divorce, and less stigma associated with it. With people living longer and working further into their golden years now, there is more time to financially recover. This is especially important for women, as they often suffer more financial harm than men in a gray divorce. If you are a woman considering divorce, the following steps can help you prepare:
- Understand your financial situation by looking over financial records, locating assets and more.
- Fight for a fair division of all marital assets and debts.
- Make a budget for yourself, even before the divorce is final, that will help you adjust to your post-divorce circumstances.
After the divorce is final, you may also have to make steps as you move forward. This may include buying a smaller home, reevaluating your retirement plans, updating your estate plan and life insurance, focusing on paying off debt and working to rebuild an emergency savings fund.
Assistance with the divorce process
The financial stakes are high during divorce, especially for a woman age 50 or older. If you are facing a gray divorce, you will benefit from seeking insight regarding ways you can protect your interests and pursue the best possible outcome. Smart choices during divorce can help you lay the foundation for a strong post-divorce future.