Making the decision to divorce is one of the most important decisions in life, and it will have long-term implications for both parties. The financial consequences are significant, especially for those who are nearing retirement or age 50 or older. Before filing for divorce, an older individual would be wise to know what to expect from a gray divorce and how he or she can protect long-term interests.
What to consider for a gray divorce
People are living longer than ever, and more older couples in North Carolina are choosing to divorce than ever before. The financial implications are particularly sensitive as both parties may have to adjust plans for retirement and other aspects of their lives. Important considerations for a gray divorce include:
- What kinds of income sources will one have? Will a spouse continue to work past retirement age?
- What will a spouse’s financial situation be like after he or she retires?
- Does one of the spouses have significant medical needs? Does the spouse have access to good medical coverage independently?
These questions can help one think long-term, effectively pursuing terms that will allow for a strong and stable future well after the divorce is final.
Much is at stake
Much is at stake in a gray divorce. A North Carolina spouse would be wise to work with an experienced attorney in order to seek a final order that allows one to look at his or her post-divorce future with confidence. This knowledgeable guidance can be especially useful as one seeks a divorce later in life or closer to retirement age.