Divorce can bring significant financial and emotional upheaval no matter what the couple’s age. However, for an older couple, a “gray” divorce” in Pennsylvania often brings unique financial challenges.
In a gray divorce, couples often have more complex assets and less time to recover before retirement if not retired already. To maintain financial stability now and in the future, older couples need to have a comprehensive plan in place.
An older person going through divorce must think about how they could divide their assets ahead of time for a smoother process. They should make an inventory of all of jointly owned and separate assets and debts, gather relevant documents — such as prenuptial agreements — and schedule appraisals of valuable assets.
Once all debts and assets are identified, valued and cataloged, it’s time for the divorcing spouse to decide their long-term plans and goals so that they can approach negotiation settlements from a realistic angle. They will need to weigh many things, such as their living standard, their retirement plans and the needs of any financially dependent children or grandchildren. With this information, they will be able to aim for an appropriate settlement.
When a person is going through a gray divorce, they must make many important decisions about their finances that will affect the rest of their lives. Naturally, they often have a lot of questions and concerns. An attorney can answer those questions and provide advice and guidance throughout the entire legal process. For example, in a contentious divorce, one spouse might try to hide assets from the other or waste those assets. In this case, an experienced divorce attorney can take immediate steps to identify and protect those assets.