No matter your age when you make the decision to end your marriage, you know this will have a significant impact on multiple areas of your life. However, certain effects may be particularly significant if you are approaching retirement age. For individuals age 50 and up, divorce can impact retirement plans and other long-term plans. A gray divorce involves one or two older spouses, and it is critical to prepare well for what this decision could mean for your future.
It will be important to know what to expect from this process and how you can protect yourself during a gray divorce. With preparation, you may be able to mitigate some of the most significant financial effects often brought by a gray divorce, preserving your long-term interests. It may be helpful for you to learn more about the steps you can take to be proactive and intentional about ensuring a gray divorce does not derail your plans for your golden years.
Thinking ahead is critical
While it is impossible to predict exactly how a gray divorce could impact your life, there are certain steps that may benefit most older adults who are navigating this difficult process. Couples age 50 and up are seeing some of the highest divorce rates of any demographics, and you are not alone if you are unsure of what this choice will mean for your future. Practical and important steps you can take include:
- Be clear about the assets you want and how you prefer to divide marital assets, but consider the potential tax impacts of these choices.
- Consider all of the options available to you, avoiding emotional decisions that may not benefit you long-term.
- Calculate what you will need for a strong and stable future after your divorce is final, and pursue terms that will provide this for you.
- Seek the help you need in order to effectively navigate the divorce process and secure what you need for long-term security.
A gray divorce will have a major impact on your future. While you may have to adjust your expectations for your retirement, it is still possible for you to secure terms that will allow you to look to your golden years with confidence. As you walk through the New Jersey divorce process, you will benefit from having knowledgeable guidance and experienced counsel as you make important decisions that will affect your future.