Decatur Family Law and Probate Attorney

How to approach gray divorce

| Jun 10, 2020 | Firm News

When you are going through a “gray divorce” in Texas, you need to think ahead to what the rest of your life will need to be like financially. This is because any decisions that you make now will need to be weighed against your future financial situation. What happens now can affect your ability to retire and leave an inheritance for your children and grandchildren years down the line.

How to prepare for a gray divorce

Once you understand the importance of the divorce negotiation, you can begin to prepare for the financial arrangements that will need to be made. Here, educating yourself about each of your assets and their value is the first step. You will also need to know what your spouse may declare as their assets to ensure that they have reported everything that is a part of the marital estate. If there is the possibility of a litigious divorce, you may want to either freeze your assets now or move for legal separation early.

How the gray divorce will affect you

Then, you should compare what you have against what you may need in the future. This time period should include now just the immediate future but retirement as well. Know how each of your decisions will impact the timing and the quality of your retirement. You will not be able to escape financially unscathed from the divorce, but you can try to minimize the hit that you will take through negotiation. Once the divorce is final, you should recalibrate your retirement planning.
The first thing that you should do when divorce is even a possibility is to seek out the services of a divorce attorney. They might be able to help you strategize to put you in the best possible position to obtain your share of the marital estate. They may also be able to point out considerations for you as the process unfolds that you may have otherwise overlooked. Given the stakes of a gray divorce, it may be best not to proceed on your own.