Getting divorced later in life is tough. It can be hard to untangle your life from someone that you once loved and that you were connected to for years or decades. But dealing with the financial ramifications of gray divorce can be even more difficult.
And you need to make sure you get your fair share of the martial estate, otherwise you’ll be left at a financial disadvantage without much time to rebuild your wealth. That said, you’ll want to be sure to avoid costly mistakes in your gray divorce.
Avoid these mistakes in a gray divorce
There are a lot of missteps that can be made in a gray divorce. You’ll want to avoid all of them if you can, but what should you be on the lookout for? Here are some common mistakes you’ll want to avoid at all costs:
- Misunderstanding how retirement assets are divided, which could lead to significant penalties or deny you access to the funds that you need and deserve.
- Overlooking the importance of alimony, especially if you’re limited in your ability to get back in the workforce to rebuild your financial positioning.
- Failing to consider the tax implications of certain property division strategies.
- Allowing your emotions to get the better of you during property division negotiations.
- Neglecting to create a post-divorce budget, which can give you guidance as you negotiate and advocate for what you need.
There are other mistakes that can be made along the way, which is why it’s a good idea to discuss with your attorney the best way to approach your high-asset gray divorce.
Don’t lose out in your gray divorce
We know the divorce process can be incredibly stressful. However, it’s important that you take the time needed to craft a compelling legal strategy. By doing so, you’ll better protect your future, in turn giving yourself a good chance to secure a fair and financially stable post-divorce life.
