When a marriage is over, a North Dakota couple will have to address the financial fallout that comes with that choice. Divorce will inevitably bring a significant amount of changes for both parties, but it is especially critical for an older couple to consider the implications of each choice they make regarding their property division settlement. These family law decisions can impact them for years to come, perhaps even affecting their retirement.
Gray divorce is a term used to describe the dissolution of marriage between two individuals age 50 and up. The numbers of this type of divorce are on the rise, and that may be because people are living longer than ever. For many people over the age of 50, there are plenty of years left to have a fresh start. However, they have fewer years left until retirement. Pursuing a fair financial order is crucial.
It may be possible to negotiate a settlement that allows a person to have a strong future after a gray divorce. For example, a person may want to negotiate lower alimony payments in lieu of a bigger share of retirement savings or vice versa. Every situation is different, and each North Dakota reader will want to think clearly about making choices that will work in the long term.
A gray divorce can be financially devastating, but it does not have to be. With careful planning, thoughtful negotiations and perhaps an adjustment to retirement plans, future stability and security is possible. A person may find significant benefit in working with a family law attorney who can help them make smart decisions.