When an older California couple decides to end their marriage, they understand this decision will impact their future financial security. No matter how wealthy the two spouses may be or how amicably they plan to settle their divorce, the reality is that a gray divorce will have a ripple effect on retirement and long-term plans. Thankfully there are steps that can help preserve and protect long-term interests.
One thing a spouse can do when heading for divorce is to gather important documents and take a financial inventory. This should include making a list of assets that will likely be divided, as well as accounts and all types of long-term savings. It may be helpful to get an appraisal of all valuable assets subject to division. Preparation can help a spouse understand what to expect financially from divorce, as well as help prevent confusion or complex disputes over marital property.
Adjustments to retirement plans will likely be necessary. It is important to consider potential lifestyle changes that may be necessary, as well as plans regarding a timeline for retirement. If a California spouse needs to care for older children or even grandchildren, this should be an important factor in a financial settlement in a gray divorce.
Gray divorce will bring financial changes, but that does not mean that dreams for retirement will be impossible. Reasonable terms are crucial for a strong future, and this is why it is helpful to work with an experienced family law attorney from the very beginning of the process. With guidance, preparation and a focus on long-term interests, it is possible to secure a final order that will allow for the preservation of hopes and plans for the future.