4 overlooked money matters to consider in gray divorce

On Behalf of | Aug 18, 2021 | Uncategorized |

Marriage is not for everyone. In some cases, individuals may not realize that they are unhappy in their marriage until much later in life. On the other hand, some people may know that they are unhappy but feel the need to remain married for various reasons, such as for the sake of the kids or waiting for the right time. More and more lately, the right time comes for people who are over the age of 50 and who feel ready to divorce before retirement. 

A later-in-life divorce may seem fitting for many Ohio residents, but it is important to understand that divorcing at an older age could have a major impact on one’s financial affairs. In particular, rebuilding savings and retirement funds after divorce could be more difficult for older parties because they typically have fewer years ahead of them in the workforce to substantially contribute to their savings. However, that does not mean that these individuals will be left in difficult financial positions if they do move forward with divorce. 

To avoid as many money issues after divorce as possible, individuals may find it helpful to consider the following matters as they prepare for their case: 

  • Whether any children still rely on their parent for financial support 
  • Where one’s income is coming from and whether the divorce will reduce or sever any of those income streams 
  • How much money is in a personal retirement account and whether dividing the accounts will cause financial hardship come retirement time 
  • How insurance coverage will be affected if a person will no longer share coverage with his or her spouse 

These matters may not always seem obvious or important, but they may have a greater effect on a person’s financial affairs after divorce than initially realized. Fortunately, Ohio residents can plan for the possible money changes that could come with ending their marriage and work toward negotiating a settlement that lessens future challenges. Because it can be difficult to know exactly how to work toward the best outcome, having help from legal professionals is often worthwhile.