Going through a divorce is never easy, particularly for two people who are older and nearing retirement age. Gray divorce, a divorce involving parties who are age 50 and up, is financially complex and can significantly impact a person’s plans for his or her golden years. It’s especially important for a person to think about the implications of his or her choices during this process.
If you are older and considering divorce, you may want to think about ways you can intentionally pursue a strong future. This may mean setting aside how you feel in the moment and focusing on what makes the most sense long term. Gray divorce is on the rise, and you may find it helpful to start learning about ways you can protect yourself during this time.
Helpful tips for the future
More older individuals in Virginia are seeking divorce. One reason for this is that life expectancy is longer than ever, which means that people may reach a point where they want to seek happiness in their golden years. No matter how long you and your spouse were married or how old you are, you have the right to do the same. However, there are a few things you may want to consider during this time, including:
- Property division will likely affect your retirement savings. You would be wise to prepare for this or consider how you may be able to negotiate a reasonable outcome to this issue.
- When it comes to divorces involving older adults, there may be plans in place regarding estate distribution and inheritances for kids. You may want to think about making necessary adjustments to these things.
- If you were the lesser-earning spouse, you could be entitled to spousal support, also called alimony. It may be possible to also negotiate a reasonable outcome to this issue, perhaps even negotiating less alimony in lieu of a higher share of retirement.
The implications of a gray divorce are serious, and your financial future could be on the line. Your goal should be to secure a financial settlement that allows you to have security and stability long term. You may have to adjust retirement plans, but this decision does not have to ruin your long-held dreams for your golden years.
You may find it beneficial to speak about your divorce-related concerns with an experienced legal ally before you make any important decisions. Whether it is around the negotiating table or in the courtroom, you are entitled to a fair share of marital property and long-term financial well-being.