Divorcing later in life is commonly known as a “gray divorce.” By the time you’re in your 50’s or beyond, your financial situation may be more complex with more assets, retirement savings, and healthcare considerations. Here are some steps to take to financially prepare for a gray divorce:
- Gather All Financial Documents: Before negotiations, you should gather all your financial documents so you can get a full understanding of all your assets and prevent any surprises.
- Evaluate your Social Security Options: If your marriage lasted at least 10 years and you’re over the age of 62, you might qualify for spousal Social Security benefits based on your ex-spouse’s earning records.
- Consult a Financial Advisor: A gray divorce can involve complex negotiations. A financial advisor can help you to assess your current assets, prepare for their division, and help you to create a plan.
- Revisit your Estate Plan: Divorce can significantly impact your estate plan. Update your will, trusts, and beneficiaries on accounts like life insurance and retirement funds. This ensures that your assets are distributed according to your wishes and not to a former spouse.
Let me be your financial advocate as you navigate the divorce process. As a Certified Divorce Financial Analyst, CDFA® I can help you avoid costly mistakes and educate you on current and future budgets, provide a financial road map, and help you understand what assets you have, what you spend, where you spend it, and more.
You don’t have to go through this alone.
Contact me today at 716-800-4290 to schedule your first appointment.
