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How a gray divorce is different

Jun 9, 2020 | Divorce

If you are divorcing over the age of 50 in West Virginia, you need to look ahead to your retirement now when you are in negotiations over the terms of the divorce. What you decide now can possibly push off your retirement by several years or can affect your standard of living going forward. Thus, you need to be prepared and make sound decisions so that your financial future is not compromised.

Early education is the key

The key to protecting yourself is learning as much as you can at the outset and anticipating what your needs are. You should make a thorough list of all of your accounts and assets ahead of time. You should also think about what your spouse may have since they will need to give information about their assets. If the situation may be tense, you should consider acting preemptively to protect yourself from things such as wasting or hiding of assets.

Know your needs and incorporate them into negotiations

In addition, you need to be aware of what your present and future financial needs are. Know that any decision you make now will impact your standard of living both now and in the future. This does not mean that you have to fight like mad for every penny, but it does mean that there will be tradeoffs. Most likely, your plans for retirement and what you want to leave to children and grandchildren will be affected by the divorce.

The most important step that you can take in planning for divorce later in life is to contact a gray divorce attorney. You may not get a second chance to recover financially from whatever damage the divorce will inflict so it is vital to have an attorney by your side as you negotiate to divide various assets. If you are without legal counsel, you may end up with less than you otherwise would have received because you simply do not know the process and rules.