Gray divorce, or getting divorced later in life, has become increasingly common in Pennsylvania over the last few decades. People who choose to divorce when they are older have several additional issues that they must consider since they are closer to retirement age. Understanding some common mistakes that you should avoid might help you to enjoy a better quality of life afterwards.
Not knowing where your finances stand
Some people who decide to divorce when they are older are unaware of where their finances stand. You should make sure to take a complete inventory of all of your assets, including retirement accounts, bank accounts, investment accounts, real property, business interests, collections, stocks, bonds, and digital currency. It is a good idea for you to inventory your assets before you file for divorce.
It is also a good idea for you to figure out exactly how much both you and your spouse owe. Get copies of your credit reports to see the debts that are owed. For any jointly held debts, try to get your name off of them or pay them in full before your divorce. Do not attempt to hide any assets from your spouse. Doing so is illegal and could result in added expenses and potential sanctions.
Making mistakes with your home and IRA
Some people choose to keep their marital homes when they divorce. However, your income might not be enough to afford your mortgage payments and upkeep. Consider selling your home and splitting the proceeds with your spouse. If your spouse has a retirement account that will be split with you, make sure to use a qualified domestic relations order to properly divide it.
Divorcing after age 50 can involve more complex property division issues than doing so when you are younger. People who are thinking about ending their marriage might want to consult with an experienced family law attorney about the potential impact it might have on their future and their ability to retire.