When you’re in the midst of a “grey divorce,” you may have far more to worry about than someone younger. That’s because you, unlike younger couples, likely have more assets. According to The Wall Street Journal, a grey divorce is an upheaval for both parties – but it’s generally worse for women. Your North York divorce lawyer can help you hammer out the details of your grey divorce, but it’s up to you to make sure you’re prepared for the challenges that lie ahead.
Managing the Finances: Were You in the Dark?
In some long-term marriages, only one spouse manages the finances. If you were not that spouse, your North York divorce lawyer will likely advise you to familiarize yourself with where your money goes before you file for divorce. You’ll need to start managing your own finances during and after divorce, and it’s a good idea to get your feet wet before diving in headfirst.
How Grey Divorce Affects Your Living Standard
Generally, a divorce means a drop in financial stability; therefore, a drop in the parties’ living standard takes place. Your North York divorce lawyer will be able to help you understand the financial ramifications of a divorce before you begin divorce proceedings; in some cases, it’s necessary for one party to get an additional job or find another source of income in order to be able to survive the financial fallout.
Grey Divorce and Employment
If you haven’t worked during the course of your marriage, your North York divorce lawyer may advise you to get a job during your divorce. A job can provide you with a measure of financial stability, which is especially important if your spouse won’t be providing for you any longer, and it can provide you with a diversion from the stresses of divorce.
Insurance: Will You be Covered?
Health and life insurance are important at any stage of life. However, if you use your spouse’s prescription coverage, or you’re listed on his or her life insurance policy, you’ll need to plan for your own coverage before you divorce. Ask your North York divorce lawyer what options are available to you both during and after your divorce.
Adult Children of Grey Divorce
Your North York divorce lawyer can help you with the technical end of your grey divorce, but it’s up to you to deal with the emotional end. Your adult children may have a tough time dealing with your divorce, because your marriage is all they’ve ever known. If, after talking to your adult children, you determine that you need some outside help, ask your North York divorce lawyer for a referral to a local counselor or family therapist. He or she may know someone who’s highly qualified to help your family come through a divorce emotionally intact.
Remember, your North York divorce lawyer is there to help. He or she is experienced in handling divorces and can provide advice that pertains to your unique situation.
