The different considerations of a gray divorce

On Behalf of | Jun 9, 2020 | Family Law |

There are different considerations for a divorce over the age of 50 in North Carolina than there are when you are younger. Instead of thinking about children and supporting them, you are concerned most about your financial situation in retirement. The decisions you make now will have a direct bearing on whether and when you can retire in the future.

Planning for a gray divorce

The most important stage of your divorce happens before the divorce agreement is even negotiated. It comes when you sit down to prepare for the coming negotiation. This step involves learning as much as you can about your accounts and assets. Then, you will figure out your financial needs in the short and long term. It is at this stage that you will also need to figure out a strategy to protect yourself if the divorce is expected to be contentious. You may need to take defensive steps such as filing for separation or freezing your assets if you expect that the divorce will be hostile.

Your lifestyle may need to change

Then, you will need to figure out what you want and expect your lifestyle to be after the divorce. You may have to have an honest conversation with yourself about your expectations and whether the divorce will alter your retirement timeline. You may then also need to figure out how the split will impact your plans for your children and grandchildren.

The first person that you should have a conversation with when a gray divorce looks like it may happen is a divorce attorney. Your lawyer will help you with the planning for the divorce and may suggest different strategies for the divorce that may leave you in a better position. Given the potential consequences of your divorce, it is helpful to obtain legal advice and guidance for the dissolution of your marriage. There might be many things that you are not thinking about during this time that the attorney would bring to your attention.