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How to handle a gray divorce in New York

On Behalf of | Dec 1, 2022 | Divorce |

A gray divorce is a divorce between two people who have been married for a long time. The term was coined because these types of divorces used to be quite rare, but now they are becoming more and more common. If you’re going through a gray divorce, here’s what you can do to make the process smoother.

Finances

When it comes to a gray divorce, it’s important to understand the financial implications. This includes understanding how your assets will be divided and any spousal support you may be eligible for. It’s also important to know what debt you will be responsible for. For instance, you may need to pay off any joint credit cards or loans. Additionally, you’ll need to figure out how you will handle taxes after the divorce. Working with a financial planner can help ensure that both parties are taken care of financially going forward.

Retirement accounts

It’s important to understand what your rights are when it comes to retirement accounts. This includes understanding which benefits you may be eligible for and how to divide any retirement savings or pensions. You may also need to decide how to approach Social Security benefits, including whether you can continue claiming benefits from your ex-spouse’s account.

Children

Divorces can be hard on kids, especially if they are older and have been part of a long-term marriage. Make sure you talk to your children and explain the situation as much as possible. You may even want to get professional help if needed. It’s also important to remember that divorce doesn’t end the relationship with your children. Make sure you focus on maintaining a positive relationship even if there are disagreements between the parents.

Emotions

Divorce is always tough, but gray divorces can be especially so due to the longevity of the marriage. It’s important to remember to take care of your emotional needs. You may need to seek counseling or therapy to help you work through your emotions and find a new sense of normalcy.

These are just a few tips for navigating a gray divorce. It’s important to remember that you don’t have to go through this alone and that there are resources available to help make the process smoother. With the right support, you can move forward with confidence knowing that your future is looking bright.