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How to prepare for a gray divorce

| Jun 12, 2020 | Blog, Divorce | 0 comments

Both spouses in a New Jersey divorce will need to have their minds set on finances, especially when the couple is nearing retirement. In “gray divorces,” money is the predominant issue as the children are grown and each spouse is more concerned about their standard of living. Accordingly, one needs to prepare for this divorce with a strategy in place to negotiate the divorce agreement.

Preparation begins with taking a complete inventory of the assets in the marital estate. Not only should one be familiar with what is in their own possession, but they should have a general idea of what their spouse has. Then, one will need an idea of the valuation of the assets so that they know what to ask for in the divorce. One should have a financial target going into the divorce negotiations to have an idea of what they are hoping to achieve and what it will mean for things such as retirement.

Every financial choice that is made in the divorce can have both short and long-term ramifications. Thus, one should have an idea of the impact of a decision before they make it. If one is negotiating in a haphazard and off-the-cuff manner, one can end up in a financial predicament out of which they may never be able to climb. This outcome can easily be avoided with some work.

One of the best things that someone can do in preparation for a divorce is to retain a divorce attorney. The average person simply does not know the laws of how a marital estate is divided in order to even begin formulating the best negotiation strategy. The attorney may help their client figure out what their goals are and could help devise a strategy for how to meet them through the divorce agreement.