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Financial considerations for older couples in a divorce

Many of our readers in Virginia have likely heard the term “gray divorce” by now, which is a term that is used to refer to the trend of older couples in America getting divorced. In recent years, more than ever, older couples are deciding to end their marriages. However, many of these marriages will be more complicated than divorces between younger couples, since older couples are more likely to have acquired significant assets which, in a divorce, must be divided.

A recent news article pointed out some tips that might help with financial considerations in “gray” divorces. For starters, as much as possible, the article pointed out that if the divorcing couple is able to approach the legal process amicably and work through the legal and financial issues with the end goal in mind at all times, this can help tremendously. Even going so far as to plan together how the couple’s assets and debts will be divided in the divorce process.

But, even if the couple is working together amicably on the split, each of the soon-to-be ex-spouses need to think of certain post-divorce issues, such as how post-divorce lifestyles will change and how retirement saving strategies might need to be addressed. Imagining what your life will look like post-divorce can help Virginia residents think about the “pros” and “cons” for dividing assets.

Each divorce case is unique, but “gray” divorce cases can present especially challenging scenarios. Our readers who are thinking about getting a divorce in their later years may benefit from getting more information about legal options in their own specific situations.