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3 smart financial steps to take amid gray divorce

On Behalf of | Aug 16, 2021 | Divorce |

When you split from your Colorado spouse later on in life, your priorities may look quite a bit different than they would if you were still in your 20s or 30s. “Gray” divorce often involves special considerations, and there are certain steps you may want to take to get your financial ducks in a row during a later-in-life divorce.

Per GoBankingRates, you may want to make the following money moves when you navigate a gray divorce.

1. Consider shared debts

You need to figure out what assets you have entitlement to during your divorce, but you also need to figure out what debts you still have to pay. Remember, if your name appears on an account or loan, you are responsible for taking care of it. This is also a good time to get your name off of the accounts you no longer wish to share with your ex.

2. Position yourself well for retirement

In a gray divorce, retirement may be already upon you. Conversely, you may be looking to retire in a matter of months or years. Figure out the implications of dividing retirement accounts or accessing the money in them early so that you do not unintentionally hurt your bottom line.

3. Revisit your estate plan

You may also want to give your estate plan a fresh look when you split from your spouse. You may want to change beneficiary designations to remove your ex, or you may want to modify your financial power of attorney.

Once your divorce becomes official, you have few options. Make sure to consider all financial angles while your divorce is ongoing to give yourself a strong shot at post-divorce financial security.