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How to handle a gray divorce

| Jul 22, 2020 | Uncategorized

In a Pennsylvania divorce, finances become increasingly important the older you are. When you are younger, you have more time to get a fresh start financially and still prepare for retirement. As you pass the age of 50, there is less time to retrench financially. In addition, you have also established a standard of living that you do not want to cut.

Money is the major issue

When you are in a “gray divorce,” you need to pay even more attention to financial matters. Younger couples will likely focus more on custody issues. When the children are grown, money becomes the issue. Thus, you cannot enter divorce negotiations unprepared. Instead, you need to know exactly which assets are in the marital estate as well as their exact value. You should also have a sense of what you are looking to emerge from the divorce with financially.

You need a strategy for a gray divorce

This means that you need to not only have a strategy, but you must also have an understanding of how every decision you make will affect your financial future. Decisions cannot be made in a haphazard manner. You will need to have a grasp of what it will take to both live on a daily basis or retire and start with that as your bottom line. You may also want to adjust your strategy to account for any inheritance you want to leave to loved ones. If you anticipate that the divorce will be contentious, you should consider taking defensive moves ahead of time to protect yourself.

Given the stakes of a gray divorce, it is helpful to have as much knowledge on your side as possible. You may not even know where to start when it comes to the divorce negotiations. A family law attorney could help you prepare for the divorce by coming up with a general strategy and pointing out considerations that you may have overlooked. The lawyer may then help you negotiate the divorce agreement in a way that helps you secure your financial future.