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Special considerations in a gray divorce

After spending decades with the same person, the lines between the two individuals are often blurred, and the same goes for their finances. When a New York couple who has been married for decades decides to divorce, panic can set in because neither person has been on his or her own for quite some time. With some research, planning and sometimes difficult choices, that panic can be replaced by excitement for the future.

At this stage of a marriage, retirement and the division of other assets, such as the family home, take priority since the children are off living their own lives. Those who are on a fixed income because they already retired are more than likely wondering how they will make ends meet. Then there is the question of who will keep the house.

First, it is important to understand where the couple's finances are at this moment. Second, each party will need to determine what it will take to live post-divorce. Setting a budget will often provide answers to questions such as whether to stay in the marital home since it is possible that neither party would be able to afford it alone. The budget might not reveal the picture of retirement that either party had before the divorce, but it provides a realistic view of what life will be like as newly single individuals.

Holding onto memories is a good thing, but not at the expense of financial security after a divorce. Life will be different in the future, and that fact can cause trepidation. However, having a different life is what ending a marriage is about. In order to make it a success, it might be necessary to let go of some things in order to have the financial resources New York individuals need to create the future they envision. Help is available to guide them through this transition and make decisions that will serve them, not hinder them.

Source: MarketWatch, "Divorcing after being married for decades? Here's what to do", Alessandra Malito, Dec. 14, 2016

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