Mistakes To Avoid In Gray Divorce

Although the divorce rate in the United States has been declining over recent years, divorce after the age of 50 is on the rise. The rate of these divorces, known as gray divorces, have been steadily increasing for many years. The reasons for gray divorce are many and include the fact that there is no longer a stigma around ending your marriage, and longer life expectancies, which have older people thinking about their future.

Just as in any divorce case, however, there are many common mistakes made in gray divorce. It is important to know what these are, so you can avoid them.

Failing to Prepare 

Much of the divorce process handles the finances of a couple. You will need a lot of different information including current account balances, account numbers, and the status of your retirement funds or investment portfolios. It is important to have all of this information available early on in the process. If you were not the one who handled the finances during your marriage, your lawyer can obtain this information during the discovery and deposition phase of your case.

Only Focusing on the Short-Term 

As you move through your divorce case, you will have a lot to consider. Still, it is just as important to start thinking about your long-term future and what your life will look like post-divorce. Create a budget that includes only your income or government benefits, consider where you might live after divorce, and other considerations regarding how your life will differ afterwards.

Failing to Consider Financial Implications 

Alimony no longer has the tax implications it once did, but that does not mean there will not be any financial impacts during the divorce. For example, if you withdraw from certain retirement or investment accounts, there may be a financial penalty for doing so. Always consult with your lawyer and a financial advisor who can advise on these impacts so you can make informed decisions.

Keeping the Family Home 

Of all the assets people are emotionally attached to, the biggest one is usually the family home. For older couples, this is even more true. They may have purchased the home together, raised their children in the home, and hosted many holiday celebrations in the home. Keeping the family home is not always a mistake, but it is important to consider if you can afford to do so on your own. Remember that you not only have to pay the mortgage but you also have utility, insurance, taxes, and maintenance expenses, as well.

Not Contacting a Divorce Attorney in Media 

Gray divorces are often much more complex than cases involving younger couples. There is typically more complex property to divide, and a lot more to consider. You should not go through the process alone. At Barbara Flum Stein & Associates, our Media divorce attorney can help you navigate the complexities of these cases so you can achieve your short-term and long-term goals. Call us now at 610-565-6100 or contact us online to schedule a consultation and to learn more.

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