Are you ready for the financial consequences of a gray divorce? | Lane & Lane, LLC
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Are you ready for the financial consequences of a gray divorce?

A significant percentage of divorces across the country, including here in New Jersey, involves couples who are ending marriages that lasted more than 30 years. This new trend of gray divorces may cause anxiety for the spouses who relied on their partners to handle the family's finances. It can be challenging to suddenly have to deal with complicated issues such as stocks and bonds and even day-to-day finances after a divorce.

Many of these older couples had traditional marriages, and the women were homemakers or stay-at-home moms for many years. They may have never gained the knowledge that would prepare them for their financial responsibilities after divorce. They may be unfamiliar with the contents of the marital estate and be overwhelmed when decisions have to be made about investing their share of the assets.

Retirement may be looming, and what others get to plan for over many years may need inventive planning to ensure financial stability. Some suggest that the appropriate way forward is for the soon-to-be-divorced spouse to gather a team of professionals that can provide the necessary guidance. This makes sense not only for financial stability after the divorce, but also to assess the assets prior to property division.

Retaining the services of an experienced New Jersey divorce attorney is typically the first step to take. The lawyer likely has the resources required to provide assistance with the various aspects that need special attention in a gray divorce. These may include financial and tax advisors, in addition to the legal input of the attorney. In this manner, the stress and anxiety about the financial aspects of the divorce may be eliminated.

Source: CBS Philly, "Easing Financial Fears During Gray Divorce", John McDevitt, Dec. 26, 2015

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