Couples who have decided to end their marriages after spending decades together may experience a lot of emotional and financial hardship. These “gray divorces” involving older spouses are becoming more common throughout Texas and the rest of the U.S.
Couples who have spent many years together most likely have several combined assets including joint bank accounts and retirement plans. Maintaining financial stability during a gray divorce is crucial for individuals to continue living the lives they’ve prepared for long after the divorce has ended. Creating a well-informed plan throughout each step of the divorce may help individuals transition into their single lives while protecting their financial futures.
Couples who are going through a gray divorce can help prepare themselves in advance by gathering an index of all separate and joint accounts such as bank accounts, insurance policies, real estate and investments. They should also factor in any debts, including loans, mortgages and credit card balances. Couples who are divorcing or separating should think about their future needs as well. They should assess their long-term goals and factor how their lifestyles might change after the divorce. Ultimately, the process might influence their retirement savings. Any provisions that might be necessary for supporting their kids and grandkids should also be taken into consideration.
A gray divorce can have a significant impact on finances and emotions. Since the circumstances surrounding each divorce is unique, what could be excellent advice for one spouse might not suit another. For individuals who are going through the separation process, an experienced divorce attorney may be able to help. The lawyer could help protect a client’s interests, finances and rights.