One of the biggest concerns among those who are interested in filing for divorce is whether they will come out the other side with their finances intact. This is especially true for people who are nearing or are already in retirement. Finances can certainly be complicated in a gray divorce — a divorce that takes place after the age of 50 — but this should not hold anyone back from seeking to end a marriage when necessary.
All couples in Kentucky must divide their marital assets during divorce. However, it is impossible to secure an equitable division of those assets if everything is not on the table. Prior to addressing property division, it is important to create a list of all assets and debts. A comprehensive list might include things such as:
- Bank account information
- Retirement account statements
- Credit card debt
- Mortgage statements
When deciding which assets one wants to keep, it is important to consider related costs. For example, keeping the family home might provide a sense of personal stability, but could ultimately be too costly in the long run. Keeping the home or any other costly asset at the expense of restoring retirement savings — which are also divided during divorce — is generally not advisable.
It can be difficult to alter one’s expectations for the future. This does not always have to be a bad thing, though. Indeed, going through a gray divorce might even give some people in Kentucky the opportunity to reconsider what they want for the future and how to best manage their finances to make that happen.