It’s no secret that going through the end of a marriage can be a stressful and daunting process. Regardless of your age, the outcome of your divorce will likely have an impact on your future, and you may worry that the financial ramifications of the process might leave you struggling to bounce back.
This may prove a major concern if you are closing in on retirement age, as your plans for life ahead may revolve around living on a fixed budget. While divorce will inherently affect your finances, by knowing the challenges you may encounter, you could become better prepared to face what comes next.
Concerns of a grey divorce
Going through a grey divorce may come with certain challenges that are unique to those of your age group. Some of the issues you might need to address during this period could include the following:
- Lack of financial growth: As you approach retirement, you may have less ability to earn additional income, and having to divide marital assets might leave you feeling a need to adjust your strategy for life moving forward.
- The family home: Knowing how to handle the family home during divorce can be an intimidating concept. Even if your home holds a certain sentimental value, it might not always be financially feasible to pursue ownership.
- Transitioning to life alone: The ever-increasing nature of the cost of living may already be a concern, and the thought of transitioning from a two-person income to life alone might do little to ease your stress.
- Tax ramifications: With retirement and investment accounts in the mix, having knowledge of the potential tax consequences of dividing these accounts without taking the necessary precautions could prove imperative.
You may also find it helpful to know the rules and regulations pertaining to your Social Security benefits following your divorce. With a variety of factors to consider, the process can appear somewhat overwhelming, and it may be in your best interests to seek advice on how best to proceed.
Guidance for what comes next
Dissolving a marriage is a major life decision that can affect your future in various ways. Since you likely wish to protect your plans for retirement throughout this process, you could find it beneficial to seek guidance from someone who is knowledgeable in Georgia state divorce laws. By obtaining advice from someone with experience in such intricate matters, you could become better prepared to seek the most favorable outcome achievable during divorce proceedings and shift your focus back toward entering the golden years with piece of mind.