CALL MY OFFICE
Or Nights & Weekends
Law Firm of
Kevin Stuart Cavanaugh
Accommodating, Personalized Attention
Creative Solutions To Your Specific Legal Problem
Credit Cards Accepted For Payment
You Can Reach Me Even After Business Hours

Financial advice for older spouses in a high asset divorce

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.

Preparation

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.

Think ahead

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.