How to Prepare for a Gray Divorce

 Posted on July 17, 2017 in Divorce

If you are over the age of 50, have been with your spouse for a majority of your life, and are going through a divorce, you are experiencing what is called a Gray Divorce. Gray divorce is on the rise, but that does not make it any easier for couples that have to go through it. Research indicates that 34% of gray divorces are couples that have been together for 30 or more years. While it is unclear as to why gray divorce is on the rise, previous cases have revealed common issues that arise throughout the process, and how, if not navigated properly, those issues can lead to mistakes that have the potential to ruin the futures of the divorcing parties. With that in mind, Clark Law Group can help you properly prepare for your divorce and your new future.

Prepare Your Finances

In a Texas gray divorce, chances are that your assets will be split 50/50, which means that you will be living a much less financially secure lifestyle than you were while married. Unless you are still working, it can be difficult to recover financially from a divorce. To ease the blow as much as possible, take a good look at your finances to determine what type of lifestyle you can feasibly upkeep post-divorce. You may find that you have only so much money or equity to last five to 10 years, in which case you may want to consider going back to work to support yourself while you are still young enough to do so.

Consider Your Future Health Care Needs

Though you may be young and healthy now, you never know what the future holds for you. You need to be prepared. Take a good look at your finances and determine whether or not you would be able to realistically cover the costs of long-term care or a nursing home. Additionally, work with an estate lawyer who can help you change your will, pension, and life insurance beneficiaries to reflect your new, post-divorce wishes.

Do You Have Your Own Health Insurance?

Many individuals who have been married for a long period of time often share a health insurance plan with their spouse. However, when those individuals get divorced, they find that the plan was actually in their spouse's name, and that they are no longer covered. Double check with your health insurance carrier to see whose name the plan is in. If it is not in your name, talk to your spouse about keeping you on his or her plan until your Medicare/Medicaid benefits kick in. If he or she refuses, consider a legal separation until your benefits kick in, and then file for an official divorce.

Clark Law Group Can Help You Get the Fresh Start You Desire

Divorce is scary, but it can be even more so when you are in your 50s and have been married for more than 20 years. However, divorce can also provide you with a new lease on life if properly prepared for. A knowledgeable lawyer can help you prepare for your new future alone and ensure that you are financially stable enough to live comfortably for the rest of your life. For help preparing for your gray divorce, call Clark Law Group at 469-906-2266 to schedule a private consultation today.

(image courtesy of Tristan Colangelo)