If you’re over the age of 50 and planning to get divorced, the process can be different than for younger individuals. When you’re preparing for what’s known as a “gray divorce,” various financial issues will come up. You’ll need to consider how assets will be divided, which may include a business you own. It’s also necessary to evaluate your current income and how you plan to earn money in the future after the divorce is finalized, especially if you’re near or in retirement. You might be required to secure life insurance with your ex or change the beneficiaries on a current policy.
Common divorce mistakes to avoid
If you want to protect yourself in a divorce, don’t ignore any tax consequences. It’s also important to avoid hiding assets from your spouse, which is illegal and can lead to additional legal fees.
Don’t underestimate your expenses post-divorce. This is critical in order to ensure that everything is fairly divided and you’re not penalized. You also want to remember health insurance, which you might have been relying on your spouse for. If you have joint debts, don’t forget how much you owe to different lenders because the money will be divided between the two parties in the divorce.
Who can you contact for legal assistance?
If you plan to file for divorce and are over the age of 50, an attorney may assist you in the process and inform you of your rights. A family law attorney may help you make the outcome of the divorce work in your favor and help you to avoid common mistakes. By getting legal and financial help throughout the process, you can address what you’re capable of controlling while seeking guidance from experienced professionals who have your best interest in mind.