You’ve been married for nearly four decades, but you’re finally calling it off. For the most part, you and your spouse are on good terms. You’ve just decided together that it’s best to end the marriage.
Even so, this process can be complicated and it’s going to massively impact your life moving forward. Below are three things you must remember.
1. If you want the house, it’s not free.
Your home is paid off. All your memories are there, and you can’t bare the thought of selling it. You may be able to keep it, but doing so means that your spouse likely gets a different asset with a similar value. This helps to even out the property division process. So you must be prepared to part with something valuable to retain the home.
2. Retirement funds will take a hit.
You can divide most funds. This includes your investments, money you saved in the bank and even pension plans. However, dividing them naturally means half of that asset is gone. You and your ex will have higher bills with two homes and the same amount of money, divided in two. Will you still have enough to retire?
3. Typically, longer marriages make alimony more likely.
The length of a marriage plays into alimonyconsiderations heavily, as it really shows that one spouse is financially dependent, at least to a degree, on the other. You’re more likely to see alimony play into the proceedings than if you’d gotten divorced in your 20s.
As gray divorce becomes more and more popular, it’s crucial for those who are splitting up to know what legal steps to take.
Source: US News, “7 Things to Know About Divorcing During Your Senior Years,” Maryalene LaPonsie, accessed Nov. 03, 2017