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Gray divorces come with their own financial issues

On Behalf of | May 27, 2024 | Divorce

Divorcing later in life presents unique challenges. If you aren’t prepared to tackle them, then you could end up on the losing end of the ordeal, putting yourself in a difficult financial position in the years to come.

If you’re confronting a gray divorce, meaning you’re age 50 or older and are facing marriage dissolution, then you should develop a strategy that addresses key legal issues in your case.

What issues do you need to pay close attention to in a gray divorce?

There are several gray divorce matters that can have a long-term term impact on your stability and well-being. These include:

  • Addressing the division of retirement assets since you may not have enough working years ahead of you to replenish your accounts.
  • Figuring out how you can find stability even though you’ll be losing your spouse’s income to rely upon.
  • Navigating the division of marital debt in a way that doesn’t leave you drowning as you start the next chapter of your life.
  • Recognizing that securing your own health insurance coverage on the open market can be considerably expensive and should be considered when discussing property division and spousal support.
  • Keeping an eye on tax implications of your divorce so that you aren’t stuck with a large and unexpected bill once your marriage dissolution is finalized.

Advocate in your gray divorce to protect your future

As you can tell, there’s a lot on the line in your gray divorce. So, before engaging your spouse in settlement negotiations or taking your case to trial, develop a plan that sets you on course for the outcome that you want.