Gray divorce is becoming more common in the entire country. In fact, divorce in individuals over 50 is on the rise.
Unfortunately, divorce can be financially devastating for one or both parties involved at this age. If you plan to divorce and you are over the age of 50, avoiding the mistakes found here will help you get through the process without huge or significant losses.
Not taking inventory of all the assets
Does your spouse handle all the financial matters? If so, they also better understand the value of your assets, investment accounts, how much money is in savings and more.
If you aren’t the one in charge of your financial situation, you need to inventory all your assets during the divorce. This is the only way you will know your true value and what you are entitled to in the divorce.
Failing to think about possible tax implications
Almost every decision you make during your divorce will have some type of tax implication. For example, should you keep or sell your house or take alimony as a lump-sum payment or in monthly installments? It’s smart to consult with a tax advisor to make sure you are making the best decisions regarding your divorce.
Underestimating the expenses you will have after a divorce
Remember, when you divorce, your income will be cut in two (or more). Because of this, you may not be able to follow or live the same life you did while you were married. It’s important to get a realistic look at your expenses after your divorce.
Protecting your rights in a grey divorce
If you are divorcing after the age of 50, there are some special and unique factors you must consider. These will impact the process and what you settle on for the divorce. Knowing your rights is an essential part of any divorce case.
