Splitting up is never easy, no matter your age. However, more and more, elderly couples are deciding to go their separate ways. Divorcing after so many years together may complicate an already complicated matter. According to this Kiplinger article, “gray divorce” is on the rise and there are a few things to keep in mind if this is something you are going through.
- Divide and conquer your financial advisors and attorneys. It may be best for one spouse to keep the existing planner and attorney and for the other to get new providers.
- Consolidate your nest egg to one financial institution so it is easier to keep track.
- Negotiate ahead of time how payments will be split for any upcoming nuptials for your children.
- Update your beneficiaries to reflect your separation. You may want your inheritance to go to an adult child or sibling instead of your former spouse.
- Consider a prenup if you get remarried. This will serve as an added layer of protection for your adult children and grandchildren. Also take this time to update your power of attorney to your new spouse.
It pays to plan ahead. If you’re going through a divorce in your older age, we can help you navigate all of the important considerations and decisions. Give Rhodes Law Firm a call today.