Divorce almost always causes significant financial changes for both parties involved. But divorcing later in life can be financially devastating for some West Virginians. When those over 50 decide to divorce, it is called a gray divorce, and it’s important to prepare financially for the best outcome. Understanding the potential financial changes that can happen can help one feel more confident in their choice to pursue a divorce later in life.
Financial changes
Going from a joint household to living alone can prove to be quite a financial burden for many, especially for gray divorcees. Not only do the basic living costs change, but many times, one may have to move to another residence, which can increase housing costs. Divorcing later in life can also mean dealing with retirement accounts and other assets that younger divorcees may not have. Most importantly, one should take their time to get finances in order before agreeing to any divorce terms.
A financial planner can be helpful for those going through a gray divorce. They can provide advice on the financial adjustments that may need to be made post-divorce. An advisor may also help those who are paying or receiving spousal support make the best use of their money when accounting for those payments.
Legal help is important
While it may seem emotionally wise to try to get the divorce over with quickly, it’s usually not in one’s best financial interests. Divorces take time, and one shouldn’t try to rush it. No matter one’s financial situation, it’s always advisable to seek legal counsel from an experienced family law attorney when one is considering divorce at any stage in life. An attorney can help West Virginia residents understand the process and provide insight on how best to navigate divorce based on the laws in the state.
