Divorce can be a difficult and emotional process, regardless of age. But if you’re 60 or older, you may be facing unique challenges that younger couples may not encounter. Whether you’re ending a long-term marriage or divorcing later in life, it’s important to understand your options and take steps to protect your financial future and well-being. Here are some key things to keep in mind as you navigate a divorce at 60 and older.
If you’re going through a divorce, you may assume that you’ll have to go to court to resolve disputes with your spouse. However, there is another option: mediation. Mediation is a process where a neutral third party helps you and your spouse come to an agreement on important issues, such as property division, spousal support, and child custody. Mediation can be a less stressful and less expensive alternative to going to court. It’s also often faster, which can be especially important if you’re older and want to avoid a lengthy and draining legal battle.
Benefits of Divorce Mediation in a Gray Divorce
There are several benefits of mediation services over a traditional divorce, including:
- Cost. Mediation costs much less than the traditional divorce process. Steven B. Menack charges no retainer fees.
- Time. While there is no rush and clients can go at their own pace, divorce mediation can be resolved in as little as 2 or 3 months, whereas traditional divorces can take over a year.
- Atmosphere. Hiring a neutral and experienced third party to mediate helps keep the deliberation calm and collected rather than hostile and adversarial, as can often happen while discussing a divorce settlement.
Learn more about the NJ divorce mediation process.
Think About Your Retirement
If you’re close to retirement age, you’ll need to consider how your divorce may affect your retirement plans. Divorce can have a significant impact on retirement savings, especially if you’re dividing retirement accounts, such as 401(k)s and pensions. Make sure you understand how your assets will be divided and how this will affect your ability to retire on time or maintain your standard of living in retirement. You may also need to adjust your retirement savings strategy to ensure that you have enough savings to support yourself in retirement.
Understand Your Property Rights
In a divorce, property is divided according to state laws. It’s important to understand your rights and what property is considered marital property (property acquired during the marriage) and separate property (property acquired before the marriage or through inheritance or gift). This will help you protect your assets and ensure that you get your fair share. If you and your spouse own property together, such as a house, you’ll need to decide how to divide this property. You may also need to make decisions about personal property, such as furniture, cars, and jewelry.
Reach Out to a Divorce Professional
Divorce can be a complex and emotional process, and it’s important to have the right support and guidance. It’s a good idea to consult with a divorce attorney and financial planner who can provide you with guidance and advice on how to protect your rights and finances. A divorce attorney can help you navigate the legal system and ensure that your rights are protected throughout the process. A financial planner can help you understand how your divorce may affect your financial future and create a plan for managing your finances in the years ahead.
Remember, a divorce can be a difficult process, but with the right guidance and support, you can come out the other side stronger and more prepared for your new chapter in life. It’s important to take care of yourself and your well-being during this time. Make sure to lean on family and friends for support and take time to engage in self-care activities, such as exercise, hobbies, and socializing. By taking these steps, you can successfully navigate a divorce and move forward with confidence.