Gregg R. Lewis

Trusted Family Law

Services In Columbus

Gregg R. Lewis
Trusted Family Law Services In Columbus

What are some common mistakes that occur in a gray divorce?

| Apr 13, 2018 | High Asset Divorce |

If you are thinking about leaving your spouse after being together for 20 or more years, you may be surprised to learn your situation is a lot more common than you think. According to CNBC.com, during the last 28 years, the divorce rate for couples who are 50 years old and older has doubled. Late-life separations are commonly called gray divorces.

Not all marriages are capable of surviving. Common causes of separation for older couples include growing apart, having different priorities, boredom and financial difficulties. It is important for you to realize that a late in life divorce in Columbus is not always easy. Review the following pitfalls you should avoid in your gray divorce.

Hiding financial information and assets

You may have worked hard to increase your wealth and assets throughout the marriage. In divorce, you stand to lose some of them to your spouse. You may not want your partner to end up with your assets and property and think it is a good idea for you to hide them. You might also consider withholding financial information from your spouse and the courts. Hiding assets and not providing an accurate picture of your financial situation during divorce is illegal and could lead to financial and legal repercussions if you get caught.

Not taking retirement savings into consideration 

Retirement accounts are not safe from divorce unless you take measures to protect them. Your partner is entitled to a share of your retirement savings. Without a qualified domestic relations order (QDRO), you could end up having to pay taxes on any early and unqualified withdrawals that might need to occur as part of the divorce settlement.

Late-life divorces can be just as difficult and devastating as early-life separations. It is important for you to seek out financial and legal assistance before and during your divorce to help get the best outcome.