Someone going through a divorce will have various financial matters to address. There will have to be adjustments to lifestyle, savings and spending, and in the midst of these changes, it can be easy to overlook important changes to long-term plans and estate planning documents. For California couples who are over the age of 50, divorce can actually cause complex estate issues.
Gray divorce involves a divorce when one or both spouses are over the age of 50. These individuals are closer to retirement age, and they often have decades of assets to divide between the two of them. This can be remarkably complex, and it can have ripple effects in an estate plan as well. This is one reason why a person who goes through a divorce will find it beneficial to update plans and make necessary changes as soon as possible. Failure to do this can lead to complications, confusion and even family conflict.
Divorce for older individuals can also make it difficult to create new estate plans. Spouses will need to consider how they want to leave assets to children from previous marriages, but where does that leave the other spouse's kids? This is only one of the many complex implications that gray divorce can have on the estate planning process.
Anyone who has been through a divorce or who needs new plans after marrying will find it beneficial to take quick action to get the right protections in place. Due to the potentially complex nature of this process, working with an experienced California estate planning attorney can lay the groundwork for making smart and practical choices. With a strong and updated plan, a gray divorcee can look to the future with confidence.