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How to plan for a gray divorce

On Behalf of | Jun 12, 2020 | Divorce, High-asset Divorce

After years of working and with the children out of the home, Florida couples may have accumulated significant assets by the time that they are nearing retirement. However, when they choose to get divorced around this age, there are numerous financial issues that must be addressed. How these questions get resolved in a “gray divorce” can determine the financial future of both of the spouses.

The first thing that one needs to do as part of the divorce process is to prepare and plan. One cannot enter divorce negotiations without knowing what is in the marital estate. Not only should one know which assets the couple has, but they should also have a sense of their valuation. Then, they should make themselves aware of what they will need in the future to both maintain their standard of living and keep their retirement on track.

If one is unprepared for the divorce negotiations, they could be leaving valuable money and assets on the table. It may result in them having to delay retirement or not being able to leave an inheritance to children. One should have a very specific idea of how each asset division decision will affect their financial future. While compromises may be necessary, one should also recognize that they get only one chance at a divorce settlement, and the division of retirement assets is final.

When dealing with a high-asset divorce, one should obtain legal counsel to help them through the process. A divorce attorney may help their client with determining the proper negotiation strategy and to prioritize their needs in the divorce. The lawyer might then assist their client in the actual negotiation process as they seek a settlement. If there is no agreement to be had, the lawyer could then represent their client in a court hearing.