Not all divorces are created equal. For example, a couple in their mid-twenties without children or extensive assets will have a much different divorce than someone over the age of 50 who owns a house in New Haven and is close to collecting a pension. In other words, if you are getting ready for a gray divorce, there are many things you will have to consider.
Taking the time to plan and examine certain details can be helpful in getting ready to move forward with a gray divorce. Here are some of the things you may want to consider when building your checklist for keeping your preparations on track.
Your divorce might have an impact on your retirement plans since you will probably have to divide your retirement accounts with your soon-to-be ex-husband. You may want to take the timing of your retirement into consideration so that you can rebuild your finances if need be.
Don’t forget about social security
If you and your husband have been married for many years and both of you are close to receiving social security benefits, your divorce might have an impact on these funds. While social security is generally not subject to division, like other marital property, it will likely play a role in your divorce. It is a source of income that might offset other assets or even the amount of alimony you could be eligible to receive.
What to do with the house
One of the major assets you most likely own is your house. You will have to decide if you should keep it, let your husband keep it, or sell it and divide the proceeds. In many cases, the best option is to sell the property and split the money. If you decide to let your husband keep it, it can be important to make sure you receive other marital assets of equal value, after accounting for differences in market value and tax value. If you choose to keep the house, be sure you have the finances available to continue paying the mortgage and to pay for any upkeep, maintenance or repairs the house might need.
If you are over 50 and planning to divorce, the above considerations may be important to the outcome of the process. By taking the time to plan and prepare, you could help yourself be ready to start your new life when it comes time to finalize the divorce.