Divorcing later in life can be tough. There are several issues that you’ll have to confront that younger individuals who get divorced won’t, and the outcome of your marriage dissolution can shape the rest of your life. That’s why you have to be as prepared as possible heading into your gray divorce.
But that can be challenging to do when you don’t know what matters you’ll have to address in your case. Let’s look at some of the divorce legal issues that are unique to gray divorces so that you know what you’ll need to be prepared to confront.
Although you’ll have to address similar issues in your gray divorce as other younger couples who decide to end their marriage, these issues have to be addressed differently later in life. This includes each of the following:
- Spousal support, especially considering you may not have enough years ahead of you to gain the education, training, and experience necessary to become competitive in the workplace and become self-sufficient.
- Division of retirement accounts, since you may not have enough working years ahead of you to replenish your retirement savings.
- Insurance coverage, considering the cost of securing your own policy on the open market at a later stage in life can be unbelievably expensive.
- Debt division, since taking on more than your fair share of the marital debt could leave you in a bad financial position as you move into retirement, thereby preventing you from securing the financial stability you want.
Are you ready to tackle your gray divorce?
If you are, then now is the time to start gathering evidence that can position you for the successful outcome you want. Be diligent, be thorough, and be aggressive. Only then can you rest assured that you’ve done everything can to protect your future.