Older adults who decide to get divorced in Michigan may have to contend with more complex divisions of their property and debts. Gray divorces can also raise other complicated problems because people who decide to divorce after age 50 are closer to their retirement ages and do not have much time to rebuild their retirement savings.
People who want to get divorced after age 50 should take the time to carefully plan so that they might lessen the financial impact that they might otherwise face. Before filing for divorce, people should first make a list of all of their marital and separate assets. They should also have certain types of assets valued, including art collections, jewelry, real property, and businesses. People should get copies of their credit reports and list any debts that they and their spouses have. They should gather all of the most recent account statements for their bank accounts, investment accounts, and retirement accounts.
Once people have gathered everything together and have inventoried their assets and debts, they might want to talk to financial advisors about the impact that divorce might have on their finances. This can help people to understand how getting divorced might affect their futures and their ability to retire on time.
People may want to retain experienced family law and divorce lawyers who understand complex asset division matters. The attorneys may work with their clients and their clients’ financial advisors to devise proposed settlements that might have less of an impact on their clients’ finances. They may also advise their clients about the potential tax consequences of taking certain types of property in their settlements and work to protect their interests and their ability to retire. Some people might want to consider downsizing their lifestyles post-divorce so that they may retire and be financially secure during their golden years.