Some married couples decide to untie the knot during their golden years. Countless disagreements, infidelity, growing apart, and many other circumstances can lead to a gray divorce. It is common for couples to postpone their divorce their whole life until their relationship hits a dead end. But it is never too late to admit your relationship is broken. A Thousand Oaks divorce attorney can take a closer look at your circumstances and determine what’s the best course of action.
It is important to plan. Remember your marriage is something you have built for such a long time, therefore, you can’t end it in a day or two. It requires time and preparation. However, make sure you don’t make the whole process too long otherwise it will be too costly. Being prepared can make the process more effective and assertive. You can begin preparing your financial documents or any other important documentation you may need. Think about the property you own and be prepared to negotiate with your soon-to-be ex-spouse.
Regardless of what age your children are, it is important you negotiate your custody agreement ahead of time. If your divorce is not contested, you will have more chances of getting your divorce settlement approved. Don’t make a hasty decision. Take some time to determine what’s best for the children and everyone else. While it is natural to avoid your spouse, it is likely to cause more problems during the divorce process.
Although older couples are generally more financially stable than younger ones, a divorce may still cause a financial impact. This is why it is important you discuss your property division options with an experienced Thousand Oaks property division attorney during the early stages of the divorce process. The standard of living may change a bit after your divorce, therefore, creating a budget can be beneficial. This is particularly true for individuals who own a home. The cost of living has increased a lot over the years and you must be prepared.
Even when you plan your retirement, the way a gray divorce can impact your retirement can be unpredictable. Retirement assets are difficult to divide. You may lose some of your savings and half of your retirement. There are also some tax consequences and other complications that may arise along the way.
Our health tends to deteriorate as we get older. It is common for medical expenses to increase and some conditions that require long-term care may arise. It is important you explore your options with a qualified professional.
Remember that the decisions you make today can affect your future. So prepare well, and avoid making hasty decisions you will regret. Educating yourself and reaching out for expert help can steer you from the common mistakes of gray divorce. For more information about the divorce process, call us today.