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Prepare extensively for a gray divorce

On Behalf of | Jun 5, 2020 | Divorce |

Whether a Kentucky divorce is amicable or not, one needs to make sure that the effects of the divorce do not destroy his or her ability to retire at some point. These considerations are even more important when there is a “gray divorce.” One can tell from the name alone what issues are invoked by this type of divorce.

Unlike divorce in one’s younger years, when custody and child support are at issue, the concerns in a gray divorce will be strictly financial. The primary worry is about how it will affect retirement. Having enough money to stop working at some point is a goal of nearly everyone who passes the age of 50, and divorce will definitely impact whether it is possible. In addition, an individual needs to be concerned with his or her immediate financial future and whether any changes to his or her lifestyle will be necessary.

It is important to prepare extensively before beginning the process of a gray divorce. One should think of knowledge as power and take steps to learn everything that he or she can about his or her marital property and the assets that the other spouse may or may not report. If there is the possibility of the hiding of assets or taking money out of the marital estate, a person should take immediate action by either placing a freeze on the assets or filing for legal separation early in the process.

Consulting with a family law attorney very early in the process is another way to effectively plan for a gray divorce. A lawyer might help his or her clients put together a strategy for how to approach the asset division that could keep their financial goals intact. If there is no agreement to be had with the other spouse, an attorney may litigate the case by seeking the best possible distribution of the marital estate.