When spouses split up after the age of 50, it’s known as a “gray divorce.” These splits often revolve around financial issues since children are likely out of the picture. However, the stakes of a gray divorce are no less high. After all, retirement is looming and each spouse may face lifestyle changes due to the separation.
An older soon-to-be ex should be prepared to fight for a fair settlement agreement. The consequence of rash or unwise decisions could be a delayed retirement. Furthermore, the ex may not be able to leave an inheritance for their children.
Preparation involves figuring out exactly which assets are in the marital estate. Furthermore, one should know beforehand where they have room to compromise and where they must draw a line. They should also anticipate what their spouse may declare as assets that are a part of the estate. This could be important later on if there are issues with hiding or undervaluing assets. Finally, if there is the prospect of a contentious divorce, the spouse should take defensive action to protect themselves financially.
Hiring a family law attorney is a critical part of the divorce process. Without knowing how the legal process works, a spouse is at risk of making poor strategic and financial decisions in the divorce. If the spouse is over the age of 50, they may never recover from these mistakes. An attorney might advise their client of a fitting strategy and help them negotiate the divorce settlement in a way that preserves a better financial future.