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Property division can become a complex process in a gray divorce

On Behalf of | Apr 19, 2022 | Family Law

If you and your soon-to-be ex-spouse had a long marriage, expect the property division phase of your divorce to be somewhat complicated.

The divorce process for people over 50 comes with unexpected elements, some of which you would not have encountered when you were younger.

Preparation is key

The more organized you are as you approach property division, the smoother and easier the process will be. To begin with, you will need to identify all your assets and categorize them as either marital or separate. A value must be placed on each. Follow suit with your debts. Gathering this kind of information takes time but you will learn a great deal about your financial situation. This is not only essential for property division, but it will also help you plan a budget for life after divorce.

A matter of time

With a later-in-life divorce, you have less time ahead of you for making certain decisions. You may have to put retirement on hold for a while. You do not have the time to go back to school and earn a degree. If you expect to receive alimony, rejoining the workforce will provide you with a second income stream, but it is unlikely you will find the kind of work that might have interested you twenty or thirty years ago. As an older person, you will also want to stay away from making risky investments.

Asset considerations

Women, especially, should consider what kind of assets they want in the divorce. For many, the first thought is keeping the marital home. If this appeals to you, remember the home will require upkeep, which may cut into your post-divorce budget. Think in terms of liquid assets, consider tax implications, and, along with your advance preparation, you will find property division less complicated than you anticipated.