In Maryland and around the country, the rate of divorce for couples over the age of 64 has tripled over the last 30 years. Additionally, for every 1000 marriages in the age range of 54 to 65, 15 will end in divorce. For those older couples who are going through a gray divorce, they have unique emotional and financial considerations that can have a tremendous impact on their lives post-divorce.
Well-made decisions concerning retirement accounts, assets and estate planning can be derailed in an instant during a divorce. It is important, especially for gray divorcees, to have a team of financial advisors to help navigate the division of assets and help to plan for finances and retirement post-divorce. This would include financial planners, estate planners, divorce attorneys and tax professionals.
Open communication is key when working with divorcing couples or couples who are in fear they may be headed for divorce. The more couples speak with their financial team, the more they will begin to trust their advisement and planning. In fact, many financial advisors routinely work with a team of professionals and will know how to best use each person’s expertise to create the most effective plan possible.
Divorce financial planners understand how to help their clients separate emotion from making important and rational decisions. They also know how to review each person’s financial portfolio to make sure all assets are properly disclosed and that spouses aren’t hiding accounts or debt from one another.
Divorce for older couples can be an expensive and emotionally draining process. Using the right family law attorney and financial planner, in the beginning, can save divorcing couples time and could help to protect the value of important assets after the divorce is final.