When someone in Illinois is nearing retirement age, divorce takes on an entirely different meaning. Instead of being about custody, financial issues predominate and will dictate the tone of the divorce. Decisions made in this crucial area will have an impact on the rest of each spouse’s life. Thus, is it necessary to be strategic and prepared when it comes to a gray divorce.
A gray divorce is not something that can be accomplished off-the-cuff. A spouse needs to know the exact scope of the marital estate so that they can be prepared to negotiate the best possible settlement. This requires sitting down ahead of time to document all of the marital property. It is vital to know all of the details so that intelligent settlement decisions can be made. The key is to maintain financial stability after the divorce, which means being intentional and strategic.
A person needs to ask themselves important questions in a gray divorce. This includes how it will affect their post-divorce financial life, their retirement timeline and their standard of living after they stop working. They should also worry about how it will impact their ability to leave an inheritance for their children and grandchildren. The divorce settlement may be the last chance for someone to set themselves financially for the rest of their lives, so people must make smart choices.
One beneficial thing that someone can do for themselves in a divorce is to hire a family law attorney so they are not left to make these decisions on their own without any type of counsel. The attorney may help their client come up with a plan for the divorce and then execute it by negotiating the terms of the divorce agreement. Legal counsel may help someone transition to post-divorce life with a solid financial plan.