When a couple has been married for more than half a century, it is referred to as a “grey divorce.”
In Australia, there has been a recent uptick in the number of grey divorces.
Although divorce can be a traumatic and painful experience for people of all ages, it can present a unique set of challenges for older couples, who may be on the verge of retirement or may already be retired. Although divorce can be traumatic and painful for people of all ages, it can be especially difficult for people in their later years. The effect that divorce has on one’s finances is one of the most difficult obstacles to overcome. Mediation Harlow
When one divorces after being married for a longer period of time, the asset pool that has been acquired over the years is likely to be larger. It’s possible that there was enough money saved up for them to spend their senior years together, but now that the asset pool is going to be split between them and their earning powers are typically going to be lower, the future might not look quite as bright.
These kinds of predicaments are frequently tricky and need for the support of qualified legal and financial experts.
How to Get Ready for a Separation Without Children
Complete a Financial Audit
You should put the creation of a spreadsheet in which you calculate the value of all of your assets and obligations at the very top of your to-do list. Assets and liabilities include things like real estate, money, insurance policies, businesses, and retirement funds, among other things. This will provide you with a reasonable picture of the state of the finances in general.
If you have been relying on your husband to manage all of the money and you are clueless about them, there has never been a better moment than right now to learn about them.
Create a Budget for Both the Present and the Future
The following stage would be to create a budget in order to determine what your future demands and costs would be for living as well as how much money may be available to fulfil those wants and expenses. Whether you choose to continue living in the family home or move elsewhere will have a significant impact on the share of the asset pool to which you will be entitled.
Examine Your Current Will and Testament
The majority of individuals who are married include their partners as beneficiaries in their wills and on their insurance plans. This grants their partners power of attorney and gives them rights regarding their medical care. These need to be evaluated, and new papers should be drafted whenever necessary, so that they accurately represent your current circumstances.
Gray Divorce and Retirement Annuities
Retirement savings like superannuation are included in the pool of assets that will be divided between the parties in a divorce (except, be careful of the laws in Western Australia regarding the treatment of superannuation of de facto couples). In the event that the parties are unable to reach an agreement about these matters through mediation or directly with one another, the Family Court will make the decision.
Get Help And Support From Other People
After a lengthy marriage, it can be quite difficult to adjust to living as a single person for the first time. It frequently results in feelings of isolation, which can then lead to depression and other medical disorders.
It is more important than ever before that you keep up your social life and maintain frequent touch with your family and other important people in your life. Consider getting assistance from a trained expert if the struggle continues. It is not necessary for you to go through all of this by yourself. MIAMS Oxford
Considerations to Make Regarding Grey Divorce
Because you don’t want to squander your time
It’s possible that the loss of your marriage marks the end of a period in your life, but it also marks the beginning of a new chapter in your story. After the choice to end the marriage has been taken, it is important to avoid wasting too much time thinking about the past so as not to make the transition more difficult.
You don’t want to throw away any cash, do you?
Divorces that are prolonged out for an excessive amount of time are expensive and wasteful processes that result in the spending of money on legal expenses that might have been kept in the asset pool and shared between the spouses. Maintain your concentration on working for a speedy and amicable divorce settlement as you are getting ready for your grey divorce.
Do you have substantial assets that need to be divided?
The split of large assets that have been accumulated over a long period of time, such as the family house, investment properties, automobiles, furniture, and possessions, may be a difficult affair. Examples of such assets include the family home, investment properties, vehicles, and furnishings. It’s possible that certain things have substantial emotional worth in addition to their monetary value, which makes the procedure much more complicated.
Unfortuitously, it is something that can only be decided between you and your spouse, unless a Binding Financial Agreement has been made out detailing who gets what. The law governing families mandates that any distribution of assets must be done in a manner that is just and reasonable.
When you retire, will you have enough money to support yourself in a manner that is satisfactory?
This is frequently the most important question. You will have a very decent notion of your future financial condition if you have a Binding Financial Agreement in place. This will allow you to plan accordingly. In the event that this is not the case, do not be afraid to look for competent financial and legal guidance so that you may achieve a settlement that is fair and reasonable.
You may be eligible for spousal support if you are unable to provide for your own needs and your spouse has the financial means to do so.
Think About Getting Your Family Mediated.
When it comes to resolving financial issues during a divorce or separation, family mediation is by far the most effective method. It is also the shortest, least stressful, and most cost-effective option.
Family mediation is a significantly less complicated, time-consuming, and costly alternative than the alternative, which is for both spouses to hire their own attorneys and battle matters in the Family Court for several months or even years.
During family mediation, the family mediator may provide both spouses general legal counsel, which may include an explanation of their legal rights and duties and the opportunity to work out with them a compromise that they may both accept.
