After deciding to end a marriage, a California couple will have to make various choices that will affect their future. It is in their interests not to make these choices impulsively but to think carefully about how these decisions will impact their lives long-term. This is particularly important for older couples who are nearing retirement age and choosing to divorce.
Gray divorce, which is divorce involving people age 50 and up, can be devastating for retirement. In many cases, these couples have been married for decades, and they have significant savings that are marital property. All marital property, including long-term savings, is eligible for distribution in a divorce. This could leave an older divorcee with reduced savings for his or her golden years, leading to changed plans or working longer.
It can take a long time to recover financially from a divorce. This underscores the importance of being prudent in negotiations. Some California couples are so frustrated with each other and unable to think clearly that they make hasty choices that don’t really make sense long-term. Emotions should not be the driving force behind decisions made during this difficult time. California’s community property laws are designed to ensure that couples sare equally in all marital assets and debts accumulated during the marriage.
Divorce will bring financial changes for both parties. It can be helpful to work with a family law attorney experienced in financially complex divorces. By having the goal of a strong future and a final order that makes sense long-term, it is possible to walk away from a gray divorce confident about financial security for years to come.