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What is one of the biggest issue in a gray divorce?

The dissolution of marriage brings about numerous issues. Simply put, it takes years to build a life together and can take time to split it apart when divorce is desired. According to reports, more couples in Maryland and elsewhere are getting divorced later in life. What is one of the biggest issues in a gray divorce?

There is a lot to be concerned about when going through the divorce process. However, one of the biggest concerns for those going through this after the age of 50 is finances. Unfortunately, it is easy to get caught up in the emotional aspects of the dissolution and not truly consider how asset division can really affect post divorce life.

After the decision to divorce has been made, each spouse will be given the opportunity to supply a list of all the assets acquired during the marriage such as physical assets and financial accounts -- including work and non work-related retirement accounts. Along with this list, each party may want to supply account statements and pictures of valuable property just to make sure everything has been documented. After a full list of assets has been created, negotiations on how to fairly split the property can begin.

Before dividing assets, it is good to take time to consider how acquiring certain things -- such as real estate -- will affect one's financial situation down the line. After all, for those getting divorced after the age of 50, this can make a huge difference in what must be done to prepare for retirement years. Those in Maryland who are going through a gray divorce can seek assistance from legal counsel and financial specialist before finalizing property agreements. With help, the best decisions for one's personal situation can be made and a fair settlement can be negotiated.

Source: U.S. News & World Report, "Gray Divorce: What Women Who Divorce Later in Life Need to Know", Debbie Carlson, July 21, 2016

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