Financial matters for older adults in a divorce

On Behalf of | Jun 5, 2020 | Divorce, High-Asset Divorce |

“Gray divorce” is the phrase sometimes used to describe the end of a marriage between older adults. When people in New Hampshire get a divorce at this age, they may have concerns about how their retirement years will change

Some people may need to think about how they can continue to offer support to their children or help pay for their grandchildren’s education while others might need to create an emergency fund so they have liquid savings to draw on if necessary. Some people might decide they want to start a foundation or work to improve their community. Some might want to spend a few months or years traveling. Knowing what will change after the divorce can help people determine what they will need from the divorce settlement.

First, people should get a complete list of all their debts and assets. They should have such items as antiques and art appraised and note which property belongs to them and which is marital property. Generally, inheritances and gifts belong to the individual. In some divorces, one person might be concerned that the other person may try to hide assets. They may want to discuss how to prevent this with an attorney. After the divorce, people may need to purchase new health insurance, revise their estate plans and retitle certain assets.

Going through a divorce does not necessarily mean going through a stressful and costly process of litigation. In a collaborative divorce, couples can work with their attorneys to reach an agreement on property division and any other issues. Although there may be situations in which people have no choice but to go to court, many couples are able to resolve any conflict through mediation, which focuses on mutually agreeable solutions instead of taking the adversarial approach of litigation.