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The implications of property division in a gray divorce

On Behalf of | Sep 29, 2020 | Property Division

The choices made during divorce proceedings will have a significant impact on a California spouse. The property division process is challenging, but it is worthwhile to think long-term and proceed carefully. This is especially true for an individual facing a gray divorce, which is a divorce involving two people who are nearing retirement age. An amicable approach may be more likely to result in a balanced settlement.

One step that can prove helpful is to prepare well for a gray divorce. This includes gathering all important documentation pertaining to finances, including a list of accounts, assets and more. Appraisals of important and valuable assets can also be useful. A spouse facing a gray divorce may also want to make a plan regarding the potential division of assets, as this can help discussions and negotiations go more smoothly.

Consideration of future needs is a critical aspect of a strong future after a gray divorce. It may be important to make a budget, as well as plan for adjustments to lifestyle. Of course, for a California individual approaching retirement, the most important consideration is how property division will affect plans for retirement, including plans for when to stop working.

A gray divorce will certainly impact retirement, but that does not mean that retirement plans will be impossible. With the right approach, smart negotiations and tenacious advocacy for future interests can lead to a settlement that allows for long-term security and stability. The goal of property division in a gray divorce is a fair allocation of marital assets, even if financial adjustments are necessary.