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Divorce process can be tricky for older individuals

On Behalf of | Jun 4, 2020 | Divorce

Getting divorced can be a difficult process at any age, but it can especially be challenging for those in their 50s or above. The reason for this is that the divorce process leads to immense financial upheaval, especially for those who have accumulated many assets over a lengthy period of time. Here are a couple of tips for navigating a divorce later in life, or a gray divorce, in Virginia.

First, it is wise for people who are getting divorced later in life to plan ahead for the divorce proceeding as soon as possible. For instance, they may want to plan how to divide their shared assets by first collecting data on all of their jointly owned and separate property. These assets may include real estate, bank accounts, insurance policies, retirement plans or pensions. Documents such as tax returns may be helpful during this process. In addition, it may behoove them to gather appraisals of their tangible assets, like fine jewelry and art.

Second, it is essential that individuals who are divorcing in their 50s or later determine how they may need to alter their retirement plans following the divorce. In some situations, individuals may have adequate funds to continue with their established plans. Meanwhile, in other cases, they may have to work a little longer to fulfill the visions they have for their golden years.

Although dealing with the financial aspect of divorce can be challenging, an attorney in Virginia can make this process easier for people going through the gray divorce process. The attorney will push for a fair and comprehensive settlement for his or her client. At the same time, the attorney will ensure that the client’s best interests are upheld during all stages of the divorce proceeding.

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Attorney Harvey S Lutins