Regardless of their ages or how long they have been married, some California residents may come to the conclusion that their marriages are not working. When older individuals decide to separate, the process is commonly referred to as a gray divorce. There are many issues that individuals may face during such a process that younger parties may not, and as a result, older couples may wish to prepare for the subsequent financial impacts.
Many married individuals may have become accustomed to the way their finances are handled. When these parties go through divorce, their assets and funds will likely be divided in accordance with state laws. As a result, individuals may find themselves facing new single households and discovering that the endeavor may be more expensive than they realized. Therefore, it may be prudent for parties to plan for such expenses ahead of time by separating funds and working on negotiations.