Ohio and other states throughout the nation are noticing an increase in the number of divorces that are happening to citizens who are over the age of 50. Typically called a gray divorce, this type of separation can be far more complicated than the process younger couples go through. If you’re getting ready to go through a gray divorce, you’ll want to be sure that you successfully avoid the mistakes discussed here.
Relying on your partner to create a list of assets
It’s not uncommon for older couples to have one person in charge of all the couple’s finances. This person has intimate knowledge of the mutual marital assets. After so many years together, it can be difficult to remember all of your marital assets if you’re not the one who was in charge of the finances. It may seem convenient to let your former spouse make up a list of martial assets for the family law court. However, you should make your own list because your former spouse may leave some out that they want to keep for themselves.
Fighting over the house
Most couples who go through a gray divorce are retired or nearing retirement. When you retire, it’s likely that you’ll be living on a smaller income. You’ll need to take this income into account when it comes to affording your martial home. If it currently takes both of your incomes to pay the bills, it’s very unlikely that a single income will enable you to live in the home on your own.
While undergoing a gray divorce, you’ll be dealing with many issues. When it comes to listing out all of your marital assets, both you and your former spouse should make your own inventories so that everything is included properly. Before arguing over the topic, you should also really think about whether or not one of you can actually afford to live in your marital home alone.