3 tips for divorcing later in life

On Behalf of | Apr 12, 2022 | Divorce |

While divorce is never easy, it can be more difficult if you split from your spouse later in life. According to U.S. News and World Report, this is partly because you have less time to recover in many respects but especially financially.

That does not mean that you should spend the rest of your life in a relationship that is unhealthy. There are things you can do to make your so-called “gray divorce” easier.

1. Be aware of your finances

In a marriage, one partner often bears more responsibility for the finances than the other, who often has only a general idea of the couple’s financial situation. If you have let your spouse handle financial matters in the past, it is in your interest to learn more about them now that you are thinking about divorce. Otherwise, you could be at a severe disadvantage.

2. Reconsider your charitable giving

After your divorce, you may no longer be able to give as much to charity as you used to. That does not mean that you can no longer make any philanthropic donations, but it does mean that you have to make those decisions based on the reality of your new income-and-expense situation.

3. Consider a postnuptial agreement

This step assumes that you and your spouse did not make a prenuptial agreement prior to your marriage to describe the assets that would remain separate. A prenuptial agreement would have been preferable, but if it is too late for that, you can accomplish most of the same goals with a postnuptial agreement that catalogs the assets that both you and your spouse acquired before marrying.

Even as a high-asset couple, not all the challenges you face because of your divorce are financial. You also need to recover socially and emotionally. Counseling can help in these respects.