Bivek, Brubaker & Prescott - Marietta family law and divorce attorneys

Financial Realities of Your Gray Divorce

More aging couples in Georgia and across the country are seeking to divorce. Bivek Brubaker & Prescott LLC encourages you to plan for your gray divorce in Georgia.

Plan for Your Gray Divorce

The first step in preparing for your Georgia gray divorce is to take stock of your own cash flow and your monthly expenses. Armed with your financial reality, you can control your expectations in the financial outcome in the division of your marital estate.

Retirement Savings are Crucial

It’s likely you are either retired or approaching retirement. It’s smart to recalculate your retirement savings since most retirement savings are built up during the marriage and are subject to an equitable division. Also, a great tool for you is to set up an account with the Social Security Administration (SSA). The SSA website has important information about divorcing partners, your estimated Social Security, and whether you’re entitled to your ex-spouse’s Social Security or if it’s better for you to draw Social Security based on your wages.

Health Care is Another Critical Factor

Another consideration for aging baby boomers considering a gray divorce in Georgia is the cost of health care. If you are too young for Medicare and have been on your spouse’s insurance, then you can explore the Medical Exchange through the American Care Act. You can also look into COBRA coverage. COBRA can last up to 36 months but can be very costly.

Don’t Forget to Update Your Will

Lastly, you will need to update your estate planning, including your Last Will & Testament.

Reach Out to the Marietta Gray Divorce Attorneys

If you need help navigating the complexities of your Georgia gray divorce, you need knowledgeable professionals to guide you. The Marietta gray divorce attorneys at Bivek Brubaker & Prescott LLC have years of experience dealing with all types of divorce cases, including gray divorce. You will work with one of our partners, not a junior associate. Contact us or call 404-793-6530 to speak with one of our highly qualified Georgia gray divorce attorneys.

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