The end of a marriage will bring inevitable financial changes for every member of the family, and these changes require both spouses to make necessary adjustments in the future. The financial impact of a Virginia divorce can be especially impactful later in life when there may be significant retirement savings at stake. An older woman facing the prospect of divorce will benefit from preparing for what is ahead.
The challenges of a gray divorce
A gray divorce is a divorce between individuals who are aged 50 or older. These types of divorces can involve unique challenges, and women may be especially vulnerable to negative financial impacts. One thing an older woman can do to get ready for what is ahead is to know where their money is. This includes all accounts, physical assets, retirement savings and more. It is also important to know how much their assets are worth.
Older couples are more likely to have complex and valuable assets between the two of them. They may also be sharing a family home, and it could make sense to sell the home and split the proceeds. All decisions should be carefully considered for their potential future impact.
Focus on long-term
In a gray divorce, financial considerations are especially important for someone in retirement or facing retirement, and a woman preparing for this step will benefit from having experienced guidance along the way. Before making any choices that could have a long-term impact, it will be helpful to work with a knowledgeable Virginia divorce attorney.