There comes a point in many marriages that feels like you’ve passed the point of no return. After being married for years, it feels as though you’re not likely to end your marriage in divorce, but the truth is that retirees divorcing is becoming more and more common. If you’re facing a divorce as an older person, there are some things you can do to set yourself up to survive a gray divorce.
Consider Marital Property
Perhaps one of the biggest things you’ll need to consider when trying to survive a gray divorce is marital property. You have the unique position of acquiring years and years’ worth of items throughout the marriage. Unlike those who have only been married for a short while, many older couples who are getting divorced have a lot of property that they will need to determine the best route of action to go. As you’re considering the divorce, take mental inventory and decide which items you would like the most and be prepared to work for them throughout the divorce process.
Try to Remain Amicable Throughout
It’s incredibly difficult to remain amicable and agree with your soon-to-be-ex with things when you’re getting ready to divorce, but it can be helpful to make sure that you both get treated fairly during the divorce. Consider working with your spouse and talking over the things that each of you wants from the divorce. As someone who has been married for many years, it can often be easier to talk in a calm, productive manner than it is to argue about the different aspects of the divorce.
Manage Your Assets Appropriately
Your assets will play a part in your divorce. If both spouses have worked throughout the marriage, dividing the assets can become complicated and messy, but it’s still possible to survive the gray divorce with your dignity (and money) intact. By managing your assets the correct way during the divorce, you may be able to have a better outcome from the divorce. It’s important that you manage your assets and do not try to hide them or do anything that could otherwise jeopardize a positive outcome of the divorce.
Look at Your Retirement
Whether you’ve already retired or you’re getting close to retirement, it’s important to consider your retirement when you’re looking at a gray divorce. In many cases, your spouse is entitled to a portion of your retirement benefits while you may be entitled to theirs. It’s important to consider your retirement when you’re going through the divorce process because it’s very likely that your spouse has also considered it. It may also be a good idea to review your retirement accounts during the divorce so that you have a picture of what your retirement looks like whether you divorce or not.
Work With a Financial Analyst
The only way to truly understand your financial situation during and after a divorce is by working with a financial analyst. Your certified divorce financial analyst can help you determine the right path for your divorce while also ensuring that you have the best possible outcome no matter how long you’ve been married for. When you’re first going through it, it may seem impossible to survive a gray divorce with your money intact, but working with your analyst will give you a better opportunity to ensure success.
Are you ready to take a closer look at your financial situation for your divorce? Contact Wiser Divorce Solutions today.