We are going to be filing for divorce after many years together. However, I’m concerned about my financial situation. Are there any other issues I should be aware of before I take this step? I’m 62 years old.
– a long-time member
You’ll find more about this answer in our article ‘What Older Couples Should Know When Filing For a Gray Divorce’
In a gray divorce, there’s usually a lot at stake from a financial perspective. I’ve seen people totally cleaned out following their divorce, which occurred later in their lives.
Remember, you’ve only got a few years before your retirement, and you may not get another chance for a career that will earn you money. There are also age-related health issues that could affect your performance at home or work. These are some of the thongs to think about before you file for divorce.
Your biggest asset to share as a family is probably your pension and not your house. If you are a babbly boomer, you probably have a good pension. This might be a bitter pill to swallow, but it’s the reality. Get the help of professionals like divorce lawyers, divorce mediators, etc who’ll help you cut down divorce costs. If possible, get an uncontested divorce.
It will also help you if you attended divorce counseling. A marriage that has ended after a long time of staying together may have deep issues worth addressing. Your emotional state may impact how you approach your financial matters.