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Gray divorce: How can you prepare yourself financially?

On Behalf of | Jul 12, 2022 | Family Law

Most people do not plan on divorcing, particularly during retirement. If your marriage becomes stagnant or if you feel yourself going separate ways from your spouse, it is better to divorce than live unhappily. After all, retirement should not be spent in constant conflict.

What does gray divorce mean for your finances? According to the U.S. News, you must take stock of your assets and consider whether you have to pay alimony to your ex.

Determine social security payments

Many seniors rely on social security payments. Generally, a person can retrieve about half of his or her ex’s social security if the marriage lasted for at least ten years. Social security may change for you or your former spouse. Check your statement online to determine what might change after the divorce.

Calculate retirement benefits

If you have benefits and a pension, your former spouse may have an entitlement to it. Additionally, check the retirement account balances that you accumulated throughout the marriage. You have to split any money you accumulate while married with your former spouse.

Prepare yourself financially if you have to pay alimony. For instance, if you were the main source of income for years, you may have to split your retirement and other forms of payment with your spouse. You probably do not have to consider child support if you have adult children.

In addition to money, remember that you have assets you share. You may have property, savings accounts and other valuable assets to split between you. Determine what you need and what you can afford with the new dynamic.

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