In Louisiana, you can get a divorce at any time and for almost any reason. Of course, if you do choose to do so and you are over the age of 50, it can be harder to recover from a financial and emotional standpoint.
You may not be able to retire
One of the primary concerns that many who divorce after 50 have is if they will still be able to retire. In a divorce settlement, you may be required to relinquish a portion of your retirement savings as well as other assets. These assets may include funds in a bank or brokerage account, which can put you even further behind your retirement goal. Even if you are financially secure on your own, you may still need to work to ensure that you have adequate and affordable health insurance.
A gray divorce may be harder to resolve
As there is so much to lose in a gray divorce, both parties may fight harder for a larger share of the marital estate. There may also be arguments over whether assets should be classified as separate or marital property for property division purposes. If you own a business or medical practice, it may take months to appraise its value and come up with a plan to buyout your spouse. It’s also possible that the case will be decided by a family law judge as opposed to through mediation.
If you are planning on ending your marriage, it’s important to get as much information as possible before filing. Doing so may make it harder for your spouse to claim that an asset wasn’t commingled or that you aren’t entitled to alimony. Typically, documents such as bank statements or tax records are used to verify an asset’s value and status.
