Couples in Tennessee who divorce later in life have unique challenges. As the frequency of gray divorce involving couples who have been married 40 years or longer increases, you should make yourself aware of the special issues you will face if you take this step.
What drives gray divorce?
Finances are one of the primary reasons for gray divorce. With people living longer, fights over money and different goals are bound to occur. Living longer may prompt a spouse to be less tolerant of hefty spending and make them more reluctant to stay in an unhappy marriage.
Heightened financial considerations
Most spouses involved in a gray divorce sell the family home and split the proceeds. You’ll also need to be aware that your retirement accounts will take a beating after divorce and must determine a way to equitably divide 401ks, pension accounts, etc. However, if you have been married for at least ten years, you can still get Social Security benefits based on your spouse’s work record. If you are the dependent spouse, your health insurance coverage will most likely terminate, meaning you may need to compensate for this cost in alimony payments.
Look out for your own interests
Although you have to determine what assets are marital property and divide them equitably, you also need to look out for your own interests. This part of gray divorce can be particularly contentious, especially as you may be left with less wealth in later life.
Early in the divorce negotiation process, make sure you work with experts like forensic accountants real estate and business valuation specialists who will accurately value your property to ensure you get your fair share. Undervaluation of marital property can put you in dire financial straits as you age.