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Planning ahead is crucial for gray divorce

Most married couples do some financial planning for the future. But when divorce becomes part of the scenario, it may be a brand new ball game. Gray divorce — as it is known for couples who are in their 50s or older — may compel some people to rethink their retirement plans. If divorce is indeed on the horizon for some New Jersey couples who are older, planning ahead may benefit both individuals.

Financial stability in the golden years is extremely important. With some planning both spouses can usually figure out what they need to do to achieve their financial goals after their divorce. Getting some independent advice from accountants, financial planners and lawyers might be a wise move.

But the first thing to do is to get all financial documents in order. These should include such things as bank statements, tax returns, records of any investments, estate plans, loans and mortgage information. If there are assets of value in the family home such as antiques, art work or jewelry, an appraiser may need to be called to do an evaluation.

Divorce changes the way in which soon-to-be former spouses live their lives. For many New Jersey residents approaching old age, living life to the fullest is a paramount goal. As people navigate their lives as new singles after divorce, they may need to make some financial changes as well. Getting independent legal advice may be able to help to determine what should be done before, during and after the divorce process.

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