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Coming out of a gray divorce with some financial security

Yes, it is possible. After relying on each other for decades for financial support, ending the marriage can cause a significant amount of stress regarding how to make ends meet after the divorce. With some planning and guidance, a Kentucky couple who falls into the "gray divorce" category could still come out of the process with some financial security.

First, the spouse who either did not work during the marriage or who was not involved in the finances needs to take the time to gather important documents and consult with a financial planner or an accountant. Understanding the marital financial situation is only one side of the coin. On the other side is understanding what will be needed in order to live after the divorce. This includes considering what assets are worth fighting for and which are not.

For example, it might not be a good idea to fight to keep the family home. It might be affordable with a combined income to support it, but with only one income, that might be another story. In addition, a divorce might allow a withdrawal from a retirement account without paying a penalty, but that does not mean that one should use the funds for personal support. Rolling it over into another qualifying account helps rebuild the retirement lost through the divorce. Simply put, each party needs to look into the future, not just the here and now.

Each party needs to have a clear picture of where he or she wants to be after the divorce is final. This will come in handy when settlement negotiations begin. The more informed each Kentucky resident is going into the process, the more likely he or she will exit the process with the chance to start over with some sense of security and a fair settlement.

Source: finance.yahoo.com, "Gray Divorce: The Financial Challenges and Opportunities", Maryalene LaPonsie, April 20, 2017

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Tasha Scott Schaffner, PLLC - Attorneys at law

505 Centre View Blvd.
Crestview Hills, KY 41017

Phone: 859-491-1011
Fax: 859-491-1899
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