One of the most pressing concerns for anyone facing the end of his or her marriage is the reality of significant financial impacts. While money is a concern in any divorce, it may be particularly concerning for those who are age 50 and up. A gray divorce can lead to changes in retirement plans and long-term savings, and it’s important for a California adult to avoid mistakes during this process.
For many going through a gray divorce, there are years of accumulated assets, significant debt and valuable retirement assets at stake. In order to have the best possible chance at a strong financial future, the following steps may be helpful during a gray divorce:
- Become as familiar as possible with all aspects of joint finances, including credit card accounts, savings, debt balances and more.
- Create a team of professionals for guidance and support when making difficult and complex financial decisions.
- Start adjusting now to new financial circumstances, and don’t underestimate how much things may change.
One of the most common mistakes some people make during a divorce is allowing their emotions to drive their decision-making. This often leads to choices that are not sustainable or beneficial long term.
A strong financial future
The goal in any gray divorce is to secure terms that allow for future stability. A California adult facing divorce will benefit from maintaining a long-term perspective regarding financial decisions. It is also beneficial to have experienced guidance from a legal professional at every step, from filing initial paperwork to negotiating the terms of a financial settlement.