We know that going through a divorce can be a traumatic experience for anyone at any age. Younger and middle-aged couples often face the unfortunate challenge of splitting up with children involved. Older couples face their own harrowing challenges, particularly if they have been married for a long time and are beyond their prime working years.
Many older adults no longer possess the desire to climb the corporate ladder or compete in the job market, if they are able to work at all. Further, with their shared nest eggs and investments that can be greatly reduced through a separation, it is recommended that older couples keep an eye on their retirement accounts when going through a “Gray” Divorce.
As always, meeting with an experienced attorney should be one of your first steps if you are considering a divorce. When it comes to separating later in life a consultation with an estate planning and elder law attorney is critical so you may discuss the impact on your long-term care options. Let us share a few tips to help you through this process.
1. Seek wise counsel. Obtaining a qualified attorney is a must, but a financial advisor or attorney with estate planning experience can be an added advantage. They can help organize long-term retirement goals, set up estate documents, and provide information and guidance for negotiating a favorable divorce settlement.
2. Obtain documents. Whether you or your spouse was in charge of your legal, financial, insurance and tax documents, it can be critically important to obtain copies for your divorce negotiations and retirement planning. Think of these items as the bedrock for your financial future.
3. Be financially prudent. It is true that there is more to life than money, as evidenced by the love and compassion that once led to your marriage. Money, however, is an inescapable part of life, and the older one gets the more important financial stability becomes.
4. Make sound financial decisions. This is important throughout the course of a “Gray” Divorce proceeding, as well as, with post-divorce decisions about the lifestyle one can realistically afford. A healthy goal would be the funding a comfortable, long-term retirement and building up from there. It may be easier said than done, but it is not impossible.
Knowing that you are financially supported in your latter, non-working years can bring peace of mind during a difficult time. It may also allow you to live out your golden years with a greater sense of enjoyment amid your new family circumstances. Do not wait to contact us with your questions