Older people in Tennessee who are getting a divorce might have a few concerns that younger people in the same situation do not share. Because they are closer to retirement, they have less time to make up for financial setbacks as a result of the divorce. Their finances may also be more complex and intertwined.
Understanding the present
If you are an older adult seeking a divorce, your first step should be to gather all documentation related to your finances and list your assets and debts. Such items as art and jewelry may need to be appraised. You should also note what property is in your name and what is in your spouse’s name. Some types of property, such as inheritances, may not count as marital property. If your divorce is contentious, you may need to safeguard against your spouse trying to hide assets.
Preparing for the future
With a thorough understanding of your finances, you can start to think about how your life will change after the divorce. This can help you determine what kind of divorce settlement to seek. Things to keep in mind include the effect of the separation on your retirement and how much your children or grandchildren depend on you for support.
After the divorce
After the divorce, you may still have a few tasks ahead. These could include re-titling assets, getting new insurance and revising your will and other estate planning documents.
Divorce at an older age may mean significantly changing plans you have had in place for years, but gathering information about your own finances and opportunities available after the divorce can help you be better prepared. You and your spouse may be able to work amicably toward a solution that helps ensure you both remain financially secure after retirement despite the split.