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3 Financial Questions to Ask in a Gray Divorce

Posted on in Divorce/Family Law

Delafield gray divorce lawyerGray divorce is a term used to describe divorce that occurs later in life. Since 1990, divorces among couples who are over 50 years of age have more than doubled. This significant rise in gray divorce has led to serious financial issues for divorcing couples. 

Although child custody problems are not typically an issue in gray divorces, divorcing over age 50 can be difficult for individuals who would like to support themselves without taking a toll on their retirement. By taking the time to understand the risks of gray divorce, couples can protect their financial future. If you are going through a gray divorce, be sure to ask yourself the following questions:

Can I Afford to Keep My Family Home?

If you have been married for a long time, it is likely that a great deal of your wealth is in your family home. In the event you would like to continue living in the family home, you may have to give up retirement funds or other assets. Even though you may want to stay in your family home because it is where you feel comfortable, you may find that it is not financially feasible for you to pay for the upkeep and taxes of the home once you are single.

Since being house poor is a common issue, you should consider all of your living options and ask yourself if it realistic for you to stay in your home. You may be better off living in a smaller home, condo, or apartment, so that you do not have to struggle financially. 

How Will We Split Joint Assets?

You may have minimal liquid assets, yet a significant net worth. It can be difficult to split private equity holdings or hedge funds. If you and your soon to be ex ran a business together, you may find it a challenge for one person to create the cash to buy out the other person’s interest. 

The ideal way to deal with a lack of liquid assets is to understand the value of all your assets. In addition, stay informed of any home or business debt. If assets are securing debt, your chances of taking your part of the assets will be limited. Consult a forensic accountant to help you uncover your assets if necessary.

How Will My Divorce Affect My Retirement?

Almost always, a gray divorce leads to problems with retirement. You may find that you will have to retire much later than you had planned. Also, your retirement issues may increase in complexity if your situation involves a high earning spouse who is much older and ready to retire, but their income is necessary to pay spousal support to the younger spouse. Long-term care costs can create issues with retirement as well.

Contact Our Experienced Waukesha County Divorce Attorneys

If you are going through a divorce and would like to protect your wealth, the skilled attorneys of Bucher Law Group, LLC can help you understand your options and work to protect your rights and your financial interests. Contact our Delafield divorce lawyers today at 262-203-4916 for a free consultation.

Sources:

https://www.forbes.com/sites/jefflanders/2016/07/13/gray-divorce-a-financial-double-whammy-for-women/

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