One out of four people that experience divorce in the United States is age 50 or older, and nearly one out of ten is age 65 or older. These later-in-life separations is commonly referred to as Gray Divorce, and with it often comes complex financial situations.

By properly creating a thorough financial affidavit during the divorce process, you can significantly increase your confidence in your financial independence post separation.

More specifically, I discuss:

• What is a financial affidavit?
• Who prepares a financial affidavit?
• What should you include in your financial affidavit to prepare you for negotiations?
• The role of an attorney and financial professional in the divorce process
• Common mistakes made when preparing a financial affidavit and how to address them
• Where to get help if needed

 

Resources:

• Access Show Notes and Sign Up for the Retired·ish Newsletter HERE
• Free Retirement Jump Start Analysis for Ages 50+
• Ask Cameron A Question!

 

The key moments in this episode are:

00:00:00 - Gray Divorce and Financial Complexity 

00:03:55 - Importance of Financial Affidavit 

00:08:40 - Preparation and Consultation 

00:11:50 - Long-Term Financial Impact 

00:15:16 - Post-Divorce Financial Planning 

00:18:12 - Considerations for Traditional IRA to Roth IRA Conversion 

00:18:44 - Risks and Considerations in Bond Investments 

00:19:17 - Tax Implications and Asset Allocation 

00:19:35 - Importance of Tax Advisor and Diversification