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Know what considerations exist for a gray divorce

Divorces aren't something that are only limited to the younger generations. Older people, including senior citizens, also divorce frequently. People who are over 50 years old and divorce are said to go through a gray divorce. These divorces have specific considerations that you must think about if you are going through one.

Many people who are going through this type of divorce are retired or almost retired. This is one huge consideration in these divorces. In some cases, the retirement accounts that are present might have to be split in the property division process. This can be difficult because you can't always judge these accounts based on the face value. Instead, you will need to determine the actual value, which might be challenging.

Spousal support is another consideration for gray divorces, especially if one spouse provided the majority of the support during the marriage. In this case, the length of the marriage and other factors might be important so that the amount and terms of the support can be determined.

People who divorce later in life will need to be sure they update their estate plan documents. This includes not only the will, but also the powers of attorney that are present. Even life insurance policy beneficiaries and payable on death beneficiaries on financial accounts must be changed.

It is understandable that you might have concerns about divorcing later in life. Don't let fear stop you from taking action to leave the marriage if this is what you need to do to be happy. Instead, find out all you can about how the divorce will impact your life and move forward with your plan.

Source: FindLaw, "Tips for Divorcing Late in Life," Christopher Coble, Esq., accessed Jan. 26, 2017

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