By: Attorney Susan A. Hansen, Partner at Hansen & Hildebrand and Co-Founder of Family Mediation Center
Gray divorce, the term used to describe divorces involving couples over the age of 50, has been on the rise in recent years. In Wisconsin, as in many other states, more older adults are choosing to end their long-term marriages.
While divorce can be challenging at any age, gray divorce presents a unique set of challenges. Older couples often have complex financial situations, including retirement accounts, pensions, and real estate. Dividing these assets equitably with considerations of valuation, taxes, and future impact on each requires legal and financial expertise. Input from a financial advisor and/or an accountant may be needed. Additionally, emotional factors can be significant, as older adults may be dealing with health issues, aging parents, and other stressors.
Key Considerations for Gray Divorce in Wisconsin
- Finances: Understanding your financial situation is crucial. This includes reviewing retirement accounts, pensions, Social Security benefits, property ownership, and incomes. A Financial Neutral is an important team member in navigating division of property and allocation of income to ensure financial security for you both and to help meet other family or legacy goals you may have.
- Adult Children: Your children may no longer be minors subject to the Courts’ decision making, but they are still an important part of your lives and future. When navigating a gray divorce, it is important to consider your expense contributions and long-term goals for adult children. A Family Specialist can help you restructure your family and create a unified message and roadmap for future family events.
- Health Insurance: Ensure you have adequate health insurance coverage and planning for transition into Medicare.
- Estate Planning: You will need to create a new individual plan for your will trust, powers of attorney, and other estate planning documents to reflect your single status and personal goals. We can assist with this planning in addition to your divorce.
Start Your New Chapter Today
Gray divorce can be a difficult process. With the right support and guidance, it’s possible to navigate this transition successfully without escalating conflict or cost. By understanding the unique challenges and taking proactive steps, you can create a new chapter of your life that is fulfilling and rewarding. Contact us today to learn more about how we can help you through your divorce process.