Many individuals may feel that the concept of going through the end of a marriage can be intimidating at virtually any stage of life. While certain topics of divorce may be relevant to those of all ages, there may also be some issues that are unique to specific groups. Knowing some of the unique challenges that might arise during a gray divorce could help individuals in Maryland who are facing a similar scenario better prepare for the subsequent process.
As studies indicate that divorce numbers for those above the age of 50 continue to rise, knowing some of the issues that one might encounter during a similar situation could be essential. Some challenges that might be unique to gray divorces could include the following:
- Complex asset division: As individuals over a certain age may have built up a wealth of property and assets throughout life, the process of property division could seem even more intimidating.
- Retirement accounts: The idea of addressing retirement and investment assets during legal proceedings can also be daunting and splitting such assets after a divorce is finalized can be a complex process.
- Insurance policies: Health and life insurance policies could also play a significant role in divorce negotiations and the presence of such policies could influence the decisions each party makes.
- Impact on children: While those with adult children might not necessarily face a need to negotiate a parenting plan, it could still be beneficial to understand how the process might affect them.
As this may only cover a few of the possible challenges involved, those preparing for a gray divorce may find it in their best interests to seek guidance early in the process.
The outcome of a divorce can affect a person’s life in various ways, and for those who are approaching or have already entered retirement age, the situation could have a lasting impact on their futures. Those who are facing a similar circumstance in life and wish to gain insight on all their available options could find it helpful to speak with a family law attorney for advice. In doing so, a person in Maryland could obtain much needed guidance on how best to prepare to protect his or her future during divorce proceedings.