Illinois residents over the age of 50 who are going through a divorce have serious concerns about maintaining their standard of living and staying on track for retirement. These “gray divorces” will often come down to money issues as the assets to fund one joint retirement must now fund two separate ones.
Preparation is key in a gray divorce
When it comes to the high stakes of a gray divorce, you must be prepared before you start to negotiate. You will need to start with one overarching strategy and make all of your decisions with that particular goal in mind. The key is to start planning the instant that you know that divorce is likely. Take the time to learn about all of the assets in the marital estate and their value. You should also know what your spouse has in their possession so that they are not able to try to undervalue and hide assets. If a contentious divorce is likely, you should take early steps to protect yourself.
Know where you stand before negotiating
You should know that every decision that you make in a gray divorce is interconnected. This means that you need a specific idea of how much you will need to retire and to generally keep your standard of living at the same level. It is unavoidable that there will be some impacts on your finances since you will need to split the marital estate. After the divorce is final, you should reassess and move forward.
The help that a family law attorney could give you may be instrumental in making your way through a gray divorce. The lawyer might give you a reality check to know what you can expect during the process. They could also assist you with a comprehensive plan that can guide you during the divorce negotiations. Those who hire attorneys for their divorce stand a better chance of being prepared to settle the divorce.