Financial Tips for Going Through a Gray Divorce
When you have crossed into the later part of your life, you might find yourself facing something you never imagined — gray divorce. Gray divorce refers to divorce when one or both spouses are over the age of 50. If you have been married for years, or perhaps decades, it can be hard to imagine your retirement without your spouse.
Or you may feel some excitement at starting a new life for yourself. Sometimes, one spouse becomes blindsided by a spouse who announces that he or she wants a divorce. However, you came to be facing a divorce, surviving a gray divorce can be difficult. At Arnold & Smith, PLLC, our legal team is here to help you through your Charlotte gray divorce. Contact us as soon as possible to schedule your initial consultation.Divorce is Different After Age 50
People who are experiencing a gray divorce face unique challenges because of their stage in life. You may have been a couple for 20, 30, 40, or more years. Thinking about living your life alone can be overwhelming. Your marriage was likely a major part of your life and now it is gone. Your entire identity may have been destroyed when you face a divorce.
You will also have to deal with the fallout from your children who may be adults, in college or finishing high school. No matter how old you and your children are, you will need to put in some time and energy into attending to your relationship with your children. As difficult as a gray divorce can be, you can take some steps to protect yourself and your financial future as you go through the process.Seek Professional Mental Health Help
Many people feel isolated when they realize that they will be going through a gray divorce. We have a natural tendency to draw away from supportive friends and family when going through a difficult life change like divorce. Taking the time to engage with family and friends can be incredibly helpful. However, it can also be helpful to speak to an experienced therapist or other mental health professional who will help you process the emotional and mental challenges involved in a gray divorce.Seek Professional Financial Help
You may need to work with a financial adviser who is also a certified divorce financial planner. A gray divorce often puts a bigger financial strain on spouses than divorce at a younger age. Older people have had 50 or more years to build a nest egg for themselves for retirement. Unlike a younger person, you might not have time to financially recover from a large financial loss. You also will not have time to build a whole new career. A financial planner can sit down with you and review your finances and offer advice on how to get through your divorce without financial devastation.Take the Time to Understand Your Current and Future Finances
After a North Carolina judge finalizes your divorce, your financial situation will change dramatically. The way you divide your property and whether you must pay or receive spousal support will greatly impact you. A skilled lawyer or financial planner can help you analyze how your taxes will affect your personal finances after your divorce.
They can help you make sure that you have enough money to survive after your divorce. Strategize and consider whether you can afford to keep your house after the divorce becomes finalized. Many people end up house-rich but cash-poor after their divorce, meaning, they kept their house, but they have extremely limited cash flow.After Your Divorce, Your Lifestyle May Need to Change
Nearly everyone who goes through a gray divorce will experience the need for a lifestyle change. As you age, the hit may be permanent. There is a good chance that you will need to downsize your lifestyle. If you were planning to retire soon, you might need to delay retiring so you can save more money. A financial planner can help you create a strategy for your financial future.Consider Getting a Job
If you have already retired or you were not working, you may not need to get a job. However, it might be necessary for you to take a part-time job after your divorce until you financially recover. Even if you will be receiving spousal support, it can be extremely beneficial to have extra income. The longer you can wait before spending down your savings account, the further your assets will go.Contact a North Carolina Divorce Attorney Today
If you are considering a gray divorce, our law firm can help. Contact Arnold & Smith, PLLC as soon as possible to schedule your initial consultation.