Many studies have shown that the divorce rate among older adults is dramatically increasing across the United States. This phenomenon has become known as gray divorce. Those who go through a gray divorce face unique challenges. At this stage of life, it is not uncommon for spouses to have accumulated a lot of assets, which can make for a challenging and complex high-asset divorce. The following advice could help older adults protect finances during this experience.
Preparing and planning ahead on how to divide assets will help the process flow more smoothly. A good way to start is to take inventory of all joint and separately-owned assets. This includes retirement plans, investments, real estate and bank accounts. Also, make a list of all debts. Compiling this information will help any person going through a high asset divorce make smart settlement decisions.
After taking inventory of assets and debts, take time to assess long-term goals and think about the future. Lifestyles may change after a divorce. Make sure to save as much money as possible and build an emergency fund for any unanticipated events. This is also a good time to update paperwork for bank accounts, brokerage accounts and insurance.
Without question, the dissolution of a marriage can have long-lasting effects on a person’s lifestyle and finances, especially those who go through a divorce late in life. Those in Kansas who are going through a high-asset divorceshould know they do not have to go through this experience alone. A knowledgeable divorce attorney can provide guidance and protect personal rights.