Late-in-life divorces of those in their 50s and 60s are becoming increasingly common. Referred to by some as a “gray divorce,” people facing a late-in-life divorce will have unique concerns in the divorce process, particularly when it comes to property division.
Focus on your post-divorce finances
If you are facing a late-in-life divorce, you will want to focus on your post-divorce finances. What streams of income will you have? Develop a budget to determine what you need. This information can be useful as you move through the divorce process, especially property division.
Do your assets make money or create expenses?
After you determine what your financial needs will be once your divorce is finalized, you can focus on the property division process. Think of your marital assets as falling into one of two camps: those that make money and those that create expenses.
For example, your home might have a lot of sentimental value but costs money in the end in the form of maintenance, insurance, taxes and other expenses. However, investments in stocks and bonds provide interest. They create money. Think carefully about what you want out of the property division process with this focus in mind.
Plan for your financial future
Whether your divorce was a long time coming or it seemed to spring up out of the blue, once it begins, you will want to focus on yourself and your financial needs. This is especially important in the property division process. By examining what your financial position will be post-divorce and determining which marital assets are worth fighting for you, can make it through your divorce with solid financial footing.