A gray divorce is the term given to the dissolution of a marriage between two people who are over the age of 50. Despite the many reasons that could lead to a couple’s separation at an older age, there are issues that must be faced during the gray divorce process, including financial assets, estate plans, social security, insurance and investments. When it comes to any kind of divorce proceedings, it is important to seek the guidance of a Phoenix divorce lawyer. Here are some things to consider when preparing for a gray divorce:
– The financial burden to face during a divorce is often much more complicated in longer marriages, or when one or both spouses are approaching retirement.
– Dividing property and assets can be a tedious process when retirement is a considered factor during gray divorce. You should be thinking about estate planning before, during, and after a divorce. Look at whom you have named as beneficiaries for properties and assets and if you need to reevaluate these assignments.
– Developing a financial plan is very important. Write down your short and long term financial goals so that your Phoenix family law attorney will be able to understand your assets, your best interests and when you seek to retire. In this plan, you must evaluate alimony, passive income from assets, payments between spouses or employment in order to determine how much income you will need.
– Keeping a budget and sticking to it is very important. A planned out budget help you decide if you need to make any lifestyle changes after the divorce and give you an idea of how much it will cost to maintain any desired quality of life.
– Keep an eye on your assets, loans and accounts. Sometimes divorce can bring out the worst in people, so be sure that you have an eye on your accounts and such to make sure your spouse isn’t taking loans out in a joint name or any other accounts.
– If you are on your spouse’s health insurance policy, it will be beneficial to begin looking for a new policy immediately so you are protected after the divorce is final.
– Look over retirement accounts, pension plans, your home and any other properties, as well as Social Security benefits to determine the different options for splitting or trading these assets.
Every divorce case is different. An experienced Glendale divorce lawyer at The Sampair Group will look at the unique circumstances of your divorce and work with you to reach the best possible outcome. Contact us today for a free consultation.