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Financial concerns may impact gray divorce in New York

When New York residents decide to divorce later in life, they are not alone. The numbers for gray divorces doubled over a 20 year period and continue to remain on a steady rate of one out of every four cases. However, going through divorce while over the age of 50 may cause some concern for finances. Luckily, individuals could take steps to protect themselves financially.

First of all, parties may want to ensure that they have the proper professional help. Many individuals take advantage of experienced attorneys during their separation proceedings, and in addition to legal counsel, those parties may also wish to consult with accountants and financial planners to better understand the financial impacts they may face. Such professionals can help individuals face the legal processes as well as plan their futures.

When it comes to money, it is also important that individuals understand their assets. Money in a bank account may be considered differently than that same amount in a retirement fund or home equity. Therefore, individuals may wish to pay close attention to how those assets are considered and what they may wish to fight for during property division proceedings.

Because property division can have a considerable impact on the parties, this process is often a stressful one. New York residents who want to make the most out of their proceedings may wish to work closely with their legal counsel. Experienced divorce attorneys could help individuals work toward obtaining a financial outcome with which they are comfortable by offering information on viable legal avenues. 

Source: ABC News, "Keeping Some Green in Gray Divorce", Sarah Skidmore Sell, Sept. 7, 2016

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