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Advanced planning is important in gray divorces

| Jun 9, 2020 | Blog, Divorce |

Some married couples who are over the age of 50 decide to get divorced in Georgia. When older adults divorce, they have fewer years before they retire. This makes it important to handle the division of assets carefully to protect the ability of both spouses to retire on time and to live comfortably after their divorces. There are several things that older adults should do to protect their finances when they want to get divorced.

The importance of advanced planning

Advanced planning is critical for older adults who plan to divorce. If they plan about how to divide their assets, it can help make the divorce process smoother. People should inventory all of their separate and joint assets. They should also list all of the debts that they have. It is often easier to get copies of tax returns, bills, account statements, and other similar documents before the divorce petition is filed than to try to get them from the other spouse afterward. People should also talk to a financial advisor before filing for divorce. The financial advisor should not be the same advisor that they have used with their spouse but should instead be someone who doesn’t know the person’s spouse. An advisor can help his or her client to understand the potential impacts that getting divorced might have on their finances and retirement savings so that they can prepare.

Thinking about the future

People should also think about the needs that they will have in the future after their divorce. They may want to consider downsizing instead of remaining in the family home so that they can live with greater financial comfort. They should look at their budgets carefully to see whether they will be able to continue their current lifestyles or should cut back so that they can retire comfortably.

Preparing to divorce after age 50 can involve a lot of work. However, advanced planning can help people to protect themselves and their finances. An experienced divorce lawyer can work together with his or her client’s financial advisor to protect his or her client’s financial interests and the ability to retire post-divorce.

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