3 Things to Consider for Your Gray Divorce
No two divorces are the same. For example, a divorce between a young couple still in college is going to be much different compared to one between a retired couple in their sixties who own property in Naples. This is why there are unique things you should consider if you are headed for a gray divorce.
While you may experience some of the same types of feelings as the young college couple, a late-in-life divorce often comes with its own set of challenges. Here are three tips for your gray divorce.
1. Getting through the process
The divorce process is generally very complicated, especially if you have complex and high-value assets involved. If you handle the divorce the right way, you can come out the other side in a financial position that is still strong. However, it is also possible to make some missteps that can cost you. The first thing you should do is decide what kind of divorce you want. The more amicable you make it, the more likely it is that you reduce the financial sting.
2. Do not forget the children
Even if your children are grown and have started families of their own, it is important to take them into consideration when you make the decision to divorce. They may not take it any better at age 30 than they would have in their teens. In addition, you and your future ex-husband are still parents, even if you divorce. There will always be holidays, birthdays and other family events that the two of you may have to attend simultaneously.
3. Prepare your finances
One of the most significant aspects of divorce is marital property division. You and your husband will have to divide generally everything that you acquired during the course of your marriage. To ensure that you receive your fair share, take the time to assemble complete financial records. This includes retirement account statements, investment portfolios and any real estate you own. You may have to hire an appraiser to assign a value to a particular property, such as your home, the furniture and possibly any collectibles you might own.
While the above items are important in a gray divorce, there are also several aspects you should consider, including putting together a strong divorce team. By choosing the right people to support you during the divorce process, you can come through it more than ready to start your new life.