Love doesn’t always grow with time, and divorces among couples over age fifty have more than doubled in the last thirty years. Among these couples, more than 55 percent separated from long-term marriages lasting more than twenty years. If you’re part of these statistics, it’s important to understand how a “grey divorce” impacts your retirement plans and future.
A few considerations you might have to face in your grey divorce include:
- Understanding how your monthly income will change. A lesser income may force you back into the workforce or adjust your lifestyle. It can definitely change your retirement plans.
- Estate documents need to be changed. Insurance policies, wills, or powers of attorney that name the other spouse will need to be changed. You don’t want your soon-to-be-ex holding powers granted in healthcare or general power of attorney—which allow them to make decisions on your behalf.
- Pre-existing estate planning can limit you. As important as it is to plan your estate and future financial situation, pre-existing estate planning could limit you in your divorce. This is especially prominent if you made a trust with your spouse in the past.
Grey divorce issues are, many times, more complicated than earlier divorces. The amount of assets, property, and estate planning you have could greatly impact your ability to pursue what you want in your divorce. This makes it essential to enlist the help of an elder law attorney like those at Salines-Mondello Law Firm, PC. We can help walk you through your divorce, as well as provide you with compassionate care and expertise in all areas of divorce law. Our attorneys are additionally qualified to help you change your estate planning wishes.
To begin working with a grey divorce lawyer in North Carolina today, simply contact Salines-Mondello Law Firm, PC by phone at (910) 777-5734 and schedule your first, fully confidential consultation.