When a North Carolina couple decides to end their marriage, they will have many complex financial decisions to make in the weeks and months ahead. It is especially complicated for those who are divorcing later in life, called a gray divorce. Those past or close to retirement age must be especially careful to be vigilant about protecting their long-term financial interests. There is a lot at stake, and smart decisions are crucial.
Younger couples may not have the wealth, long-term savings and valuable assets that many older couples have. Property division is complex in any divorce, but especially for those who may have decades of accumulated marital property. These may include a closely held small business, retirement accounts, insurance policies and more. Property division is only one reason why a gray divorce can be complicated.
There are other factors to consider after a divorce later in life. Updates to insurance plans are necessary, as are changes to beneficiary designations. Estate plans should be updated, retirement accounts divided, taxes to consider and much more. The financial implications of a gray divorce can affect a Kentucky spouse for years, and it there is significant benefit to have the guidance of a knowledgeable attorney for every legal decision that is made.
Before agreeing to terms or making a choice that will have long-term consequences, it is in a person’s interest to speak with a family law attorney. An assessment of the individual case can identify the most effective way to fight for long-term interests and financial security. A gray divorce is complicated, but it is possible to secure an agreement that allows for a strong and stable future.