The challenges you face when divorcing later in life may differ quite a bit from those you might encounter when divorcing earlier on. You may have amassed more assets together during the course of your long marriage, for example, or you may be close to retiring and unsure of what your financial future looks like.
As someone involved in a gray divorce, you may want to consider taking the following steps to advocate for and protect your financial interests.
Understand your retirement account allocations
If you do not have a good sense of your retirement picture, now is the time to develop one. If your spouse has retirement accounts, you should determine how much of them may go to you. On the flip side, if you have an IRA or 401(k), you should find out how much you may have to give to your former partner.
Consider all assets
It is easy to consider big-ticket items during a divorce, such as houses or cars. However, you want to make sure you are considering all assets, which might include everything from valuable artwork and jewelry to intellectual property rights.
Update your will
You may want to update, or revoke and recreate, your will after a gray divorce. You may want to change how much your ex stands to receive, or you may want to eliminate him or her entirely from it if possible. You may also need to name a new executor when you divorce later in life, depending on circumstances.