Preparing to dissolve a marriage can be a stressful and complex process, and the outcome of a divorce will inherently bring change to the lives of everyone involved. If you face a similar life change, there may be a multitude of topics to address while preparing to protect your future regardless of your age.
However, there are certain issues that might be more prevalent among those taking separate paths late in life. If you and your soon-to-be former spouse are preparing for a gray divorce, understanding some of the topics that might be unique to your situation could prove integral to creating a strategy that aligns with your needs.
Going through a similar experience after a lengthy marriage can seem a daunting task, as some of the issues that prove relevant to gray divorces may prove complex in nature, such as:
- Marital wealth: You and your soon-to-be ex-spouse may accumulate a significant portion of assets during your marriage. Identifying and valuing marital assets could prove somewhat more complex in nature.
- Retirement assets: Retirement assets may also play a significant role in a gray divorce. Knowing your options and the factors to consider regarding such assets may prove essential.
- Separate assets: The longer your marriage lasts, the more difficult it may be to identify the assets you owned prior to entering the arrangement. A portion of these assets may also lose their identify if mingled with marital belongings.
- Family inheritance: Inheritances may also be a factor to address. Although such assets may typically constitute as separate possessions, the situation may grow complex if you mix an inheritance with marital wealth.
Social Security benefits and insurance policies are two more examples of complex topics that you might find it helpful to address when creating a strategy for the subsequent process.
Creating a strategy
Facing a gray divorce can be an intimidating experience, and you might have concerns about how the process could affect your plans for the golden years of life. While a divorce will inherently bring change to your life, it does not have to derail your plans for retirement. Seeking advice in addressing every vital topic, and in evaluating all your available options, could prove integral to helping you better understand what is at stake and prepare a strategy to pursue the best outcome achievable regarding your future in Arizona.