FAQ for Gray Divorce

While younger couples are more likely to divorce, but gray divorces among older married couples are on the rise. Couples who divorce after the age of 50 face unique financial and emotional challenges. Those going through a gray divorce in Charlotte will need to address everything from Social Security benefits for ex-spouses and estate planning, in addition to the normal issues present in divorce. The more debts and assets that a couple accumulates after a long marriage, the more complex and difficult the legal breakup.

If you are facing a gray divorce in Charlotte, our experienced divorce lawyers can help. The sooner you seek legal help, the better. Contact our law firm as soon as possible to schedule your initial consultation and learn how we can help you advocate for your interests throughout the gray divorce process. We have also included a list of frequently asked questions that those going through a gray divorce may find beneficial.

You and your spouse have worked hard to save a nest egg for retirement. After your gray divorce, a North Carolina judge will divide up your assets through the process of equitable distribution. You should gather a list of all your assets and debts, Asses can include bank accounts, investment accounts, retirement accounts, real property, vehicles and jewelry. Debts can include mortgages, car loans, and credit card debt. An important step to going through a gray divorce is to evaluate your financial situation. Write down a list of all of your monthly living expenses. Which expenses are necessary, and which are discretionary? You will need to know how much income you will need to survive. Consider whether you will need to pay alimony or you will receive alimony. Consider whether you will have any income stream coming in and how much you will have to live on from your retirement.

Do not feel like you need to tackle this task in one day or less. We advise our clients to take some time to go through all of their financial records and resources to create an accurate picture. We have a network of experts and can point our clients to a financial professional who can help them evaluate the situation, if necessary. Going over your financial records will give you peace of mind and help you develop a strategy for how to live after your gray divorce becomes finalized.

Surviving financially is perhaps the largest concern that our clients have when considering a gray divorce. The financial stakes are high for those who are age 50 and older. They will not have much time to work to build their retirement savings back up. Many of our clients are worried about how they will retire after a judge divides up their assets between the spouses. Here are a few suggestions to help you survive financially after your gray divorce:

• Meet with a financial planner during your divorce
• Explore your health insurance coverage options as health insurance is one of the biggest concerns and most expensive budget items for Americans from age 50 to 65.
• Take time to mentally consider how your lifestyle will change after your gray divorce. Some people will need to return to the workplace after their divorce in order to make enough money to survive.

The divorce process can be extremely draining. It can be tempting to agree to something you do not really want just to be done with the divorce. It is always beneficial to speak with your attorney before signing any document or agreeing to anything during your gray divorce.

The national cost of a contested divorce is approximately $15,000 per person. However, each case is different, and it is difficult to predict how much a divorce will cost. When both parties agree to the divorce, the divorce is called an uncontested divorce. Uncontested divorces cost a minimum of $1,000 on average. Losing $15,000 to pay for gray divorce can put a large dent in your retirement savings. It is possible to try to save money during your divorce. When possible, try to negotiate with your spouse on as many issues as possible. The more issues to which you can both agree, the less money you will need to spend.

You and your spouse may benefit from working with a mediator to resolve your differences. It is also important to hire an attorney who will work efficiently on your behalf. At Arnold & Smith, PLLC, we offer our clients quality legal representation. Contact our Law firm today to schedule your initial consultation.