How can you protect your assets from a gray divorce?

How can you protect your assets from a gray divorce?

On Behalf of | Feb 25, 2021 | Divorce

Instances of gray divorce are on the rise, with people entering their retirement age separating from their long-term spouses more than ever before. The American Association of Retired Persons reports that divorce rates for couples this age have increased greatly, with 12 gray marriages per 100 ending in divorce when compared to only 5 per 100 a little more than a decade ago.

If you are facing a gray divorce during your retirement years, there are a few ways you can protect your assets and end your marriage without draining your bank account.

Proceed with logic

If your spouse initiated the divorce, you may want to react with anger. However, doing so may give the other party more reasons to retaliate by requesting more alimony or trying to wrestle away control of an important asset, such as a valuable car or home, purely out of spite. While divorce is usually an emotional time for everyone involved, keeping calm and letting logic rule you may help you retain your fair portion of the marital property.

Organize your assets

Long gone is the time where one person in a marriage handled all the money, and your spouse may have his or her own bank accounts, vehicles and property while others you may own jointly. Retaining copies of bank account activity, car titles and brokerage account holdings can help you to better understand who legally owns these assets and whether you can claim any part of them. If you and your spouse made a joint will, you may want to create a new singular document as soon as possible to protect any assets you planned to share.

Gray divorce can take a considerable amount of time because of the assets you have collected over the years. While cooperation may allow you to make considerable headway during the proceedings, remember to stand your ground so you can also protect your future.