Safeguarding Finances In A Gray Divorce

You may have heard about the trend of divorcing late in life. A “gray divorce”, as they are called, is becoming increasingly popular among the Baby Boomer generation, who are finding that ending their marriages is a way for them to take control of their lives in their later years. In fact, the divorce rate among adults aged 50 and older has more than doubled since 1990.

While this may be beneficial to some couples, it can potentially lead to a number of other problems, especially financially. Getting a divorce close to retirement usually means that there are more assets involved and less time to rebuild your nest egg. If you are considering a divorce, it is important to keep the following information in mind to help safeguard your finances and future financial health.

Tips to Protect Your Best Interests

As you might imagine, dividing the assets and debts of a couple who has been married for decades can be a very complex task. In order to begin the process, you will need to do a thorough analysis of all of your assets and debts. In your search, look for all bank accounts, investment accounts, retirement accounts, insurance policies, credit card accounts, property deeds, loans, etc. that have been either jointly or separately held throughout the marriage. Only after all possible assets have been identified can equitable property division take place. As a reminder, never attempt to conceal a piece of property in a divorce – everything must be disclosed.

Another issue to consider is related to healthcare. When younger couples divorce, health insurance coverage typically isn’t a huge concern, but for couples in their 50s or 60s, maintaining coverage after a divorce is critical. If one spouse received coverage through the other spouse’s insurance plan, it can be daunting to have to shop around for new coverage, especially if they have a preexisting condition (this can cause a dramatic increase in premiums). To avoid this situation, couples can attempt to arrange a continuation of coverage for the spouse in need. Otherwise, they should consider the cost of obtaining new coverage as a factor in the overall cost of the divorce.

Finally, it is important to remember to remain calm during your divorce. It is in your best interests, and that of your finances, to try to resolve the terms of your divorce as amicably as possible to avoid an expensive contested legal battle. While it is understandable that you may feel anger or frustration during a deeply emotional time like divorce, remaining levelheaded will help minimize costs. A great way for couples to work cooperatively is to enlist the help of a mediator, who can help guide a couple towards a solution that works for everyone.

Planning on Filing for Divorce in Colorado?

Are you considering a divorce in Colorado? A Colorado Springs divorce attorney at Modern Family Law is ready to assist you. With over 100 years of collective legal experience in divorce and family law, we are skilled at handling even the most complex marital estates. Our team is well versed in Colorado divorce law, and as such can give you the advice you need to resolve the terms of your divorce both efficiently and fairly.

No matter what stage in life you are in when you come to us for help with a divorce, you can expect the highest quality of personalized and comprehensive service. We are committed to finding solutions that favor the best interests of each client we work with.