Divorce is a difficult process, no matter what stage of life you are in, but the end of a marriage can be particularly complex for individuals nearing retirement. Gray divorce is a term used to describe a divorce between two individuals over the age of 50, and this decision comes with unique financial challenges for Ohio couples.
If you are facing the prospect of divorce and you are approaching your retirement years, it is critical to have an experienced legal ally by your side. This is a complex legal process, one that will impact your future in multiple ways, yet it is possible to emerge from this process with your future plans intact.
Factors that could impact your retirement and your future
As with any divorce, any property or assets accumulated over the course of a marriage are distributed between the two spouses. This includes real estate, valuable items and any savings, including retirement accounts. This will likely reduce the amount you planned to use in your later years.
If you hope to avoid litigation and come to a property division settlement through negotiation, there are a few things to consider as you work to protect your future interests:
- Your future earning potential
- Years until retirement
- Your ability to work beyond your intended retirement age
- Health concerns
- Payment or receipt of spousal support
Statistics indicate that women, typically the lesser-earning spouses, are especially susceptible to economic devastation from a divorce later in life. However, both women and men would be wise to carefully consider the consequences of any decisions regarding finances or distribution of marital assets. Due to the high stakes of a gray divorce, the guidance of a knowledgeable attorney is critical.
Protect your future plans and financial stability
A gray divorce will have a serious, long-term impact on your life. However, this decision does not have to devastate your plans for your retirement or ruin your hopes for the future. Before agreeing to a settlement or making any other important decisions, turn to a lawyer who can provide the divorce guidance you need.
Your retirement plans may require adjustment after your divorce, but with an experienced legal ally advocating for your best interests, you can secure a future that is both hopeful and financially secure.