It is becoming increasingly common for couples to divorce after decades together. These later-in-life divorces are often called gray divorces. If you’re going through one, there are special considerations you need to take into account during the divorce process.
Many times, divorcing later in life can cause financial woes, particularly if you’re in the awkward spot at the end of your career where you may still face tax penalties for withdrawing funds from your retirement accounts. In fact, it isn’t uncommon for gray divorce to result in serious financial issues for both former spouses, due to early withdrawal penalties and taxes.
Speaking with an attorney about the potential financial consequences of your divorce is important. If you’re divorcing during or near your retirement years, an attorney who has experience handling gray divorces can provide the information and advice you need to protect your financial future. For example, if you spent years at home caring for your family instead of working, your attorney can help you understand what kind of spousal support you can expect to recieve from your former spouse .
Gray divorce can be a fresh start, if done right
Gray divorces tend to be more complex and require careful consideration and planning. For example, it’s important to consider how the division of marital assets, like pensions and retirement accounts, may impact your short and long-term financal goals and to take steps to ensure that you won’t be forced to withdraw funds and incur hefty penalties and taxes.
Perhaps there are certain assets that mean more to you than money, or maybe you suspect that your former spouse is trying to hide marital assets. Whatever your situation, an experienced divorce attorney can help you overcome it and work with you for the best possible results.
If you are divorcing later in life, it is incredibly important to work with an attorney who understands Pennsylvania property division laws. An attorney with the right experience in both family law and divorce can help protect your interests during divorce proceedings and provide for your long-term financial security.