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How to save money in a gray divorce

While divorce rates in most age categories have declined over the years, for those aged 50 or more it has doubled since the 1990s. Many older Maryland couples are now facing what is called a gray divorce, and these can be very costly. Since it is more difficult to recover financially after a gray divorce, the financial outcome may have a significant impact on a person's standard of living for the remainder of his or her life.

The financial situation for gray divorcees tends to be more complicated than it is for younger couples. There are typically more assets, and those may have higher values. There are also Social Security benefits, retirement accounts and life insurance to think about. If divorce is looming a couple may save a substantial amount of money by preparing for the process ahead of time. This means meeting with an accountant and financial planner or adviser and getting the values of all the marital assets on the table. Going into the divorce with this information in hand will make the property division process easier and faster.

Another way to avoid high costs is to minimize or eliminate the need for litigation. While this is not possible for all couples, those who can have an amicable divorce or at least come to a fair agreement with each other stand to save a lot of money in legal fees. It is also possible to have a divorce resolved in mediation.

A person who can resolve a divorce through mediation should still retain legal representation during the process. An attorney may still represent a client in mediation and ensure that his or her interests are valued fairly. An attorney may be able to help a client assess any agreements made during mediation before they are signed and submitted to the court.

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