Grey divorces are on the rise as more older couples choose to part ways and end their marriages after many decades together. There are a few reasons grey divorces are increasing in Wisconsin and other states, which include a longer lifespan as more people are in better health and are living longer. More women are also becoming more financially independent, which is allowing them to have the confidence to divorce their spouses because they know they can support themselves.
Divorces between older individuals can often be more complicated due to the number of assets that must be divided between both spouses, which includes property and retirement funds. In some ways, it can also be an easier process because most baby boomers have adult children and don’t need to work out a child custody plan.
How to prepare for a grey divorce
If you want to prepare for a grey divorce, it’s important to separate your finances and open your own checking account. Avoid hiding any assets after you file for divorce, which can cause you to be fined and lose more of what you own to your spouse.
It’s necessary to determine how much money you need to live on your own and what your new budget will be after the divorce is finalized. You’ll need to determine if you have enough in your retirement and current income to live comfortably.
Who can you contact for legal assistance?
If you want to file for divorce, it’s important to contact a divorce attorney to assist you with the process and inform you of your rights. Your attorney may be able to help protect your assets and work through matters like spousal support and asset division. They might also offer mediation services to help you settle outside of court.