The Pew Research Center reports that divorce rates among adults over 50 have tripled since the 1990s, and they continue to climb. However, while gray divorce has become more common, it has not become any less complex or emotionally demanding for the parties involved.
Cases of gray divorce almost never involve matters of custody, so common wisdom regarding out-of-court behavior during divorce may not be as applicable. This is because neither party is obligated to prove they are able or willing to provide a safe, nurturing environment for children. However, division of property, assets, and money are often the greatest struggle among divorcing couples over 50, and these aspects of the split tend to be more complex for couples who have been together longer. While the financial consequences of gray divorce are rarely pleasant for either party, doing the following (in advance) can minimize the drama and difficulty of dividing your assets:
- Collect and compile all financial records. While you are considering getting a divorce from your long-time partner, don’t wait to get all of your financial paperwork in order and begin going over it with your legal team.
- Decide if you want to keep the house. When faced with the reality that one or both parties will have to relinquish ownership of the marital residence, a divorcing couple can reach a standstill. However, consider that your sole ownership of the residence will likely involve monthly payments, regular maintenance costs, property taxes, and other costs that will fall entirely on you. Before putting up a fight to keep the house, consider whether or not you will be able to afford it on your own.
- Consider your future financial security. Gray divorce involves splitting up retirement funds, which means the portion assigned to you will be a fraction of the total amount you and your spouse have been stockpiling for years. Consider that spousal support may be appropriate to create future financial security for a spouse out of the workforce for decades.
- Assemble your legal team. Gray divorce can be a long, involved process. The longer it takes, the more expensive it becomes and the more personally taxing it can be. However, with the support of experienced Columbus divorce attorneys, you may be able to significantly reduce the difficulty of your gray divorce.
Whether you are considering divorce or are already involved in one, don’t wait to take steps toward positive resolution and the most desirable outcome possible. Call the Columbus divorce lawyers at Weis + O’Connor today to receive personalized service, sound legal counsel, and compassionate help during your divorce.
Call us at (614) 428-0266 or send us your information for a confidential consultation.