Divorce challenges for older adults

On Behalf of | Jun 3, 2020 | Family Law And Divorce

Changes in retirement plans and how much support to give children and grandchildren are among the issues that may arise for couples in Indiana who get a divorce at an older age. Sometimes referred to as “gray divorce,” this presents some challenges that younger adults may not need to deal with.

One of the primary ones is that while younger adults may have decades ahead of them in the workplace to recover from the financial losses that may accompany divorce, people in a gray divorce may already be retired or might be near retirement. Therefore, it is particularly important that people in this situation take steps to protect themselves financially, starting with a full review of all assets and debts. People who have such collectibles are art and jewelry may need to have these items appraised. In contentious divorces, people should be aware that a spouse may attempt to hide assets.

When people consider what they will need in the divorce settlement, they should look at how their post-divorce life will change and what they want it to be like. If they have a retirement plan to divide, specific rules particular to the type of account must be followed. The last steps after the divorce is finalized could include revising an estate plan, buying insurance and retitling assets.

Couples are often able to work out a divorce settlement without going to court. Their attorneys can help them in negotiations, and this gives them the flexibility to design an agreement for property division that works for their particular situation. Divorce can still be difficult even for those who initiate it, and people may be tempted to rush through negotiations to get them over with. Careful planning before entering these negotiations can help individuals set aside their emotions and focus on the practical side of the divorce.