Individuals considering a midlife or “gray” divorce may choose a collaborative approach and avoid a courtroom. If you and your spouse both agree that your long-term marriage is over, you may wish to get through its dissolution smoothly before you go your separate ways.
As noted by GoBankingRates.com, a gray divorce could coincide with a transition to retirement. You may prefer to take your time to sort through financial matters that could affect your estate plans. If, for example, your children have grown and moved out, you have no need to negotiate custody and child support arrangements.
Each spouse’s attorney may focus on a favorable outcome
Each spouse’s attorney may negotiate the relevant issues until reaching an outcome that both parties favor. You may have specific plans for dividing assets to help you transition to life as a single individual. By opting for a collaborative divorce, each party’s attorney discusses the marriage’s dissolution without involving a family court or judge.
Connecticut’s equitable distribution law requires dividing properties fairly between two spouses. An equitable share generally depends on what each party believes is fair. With a collaborative divorce, your attorney could help you decide how to trade assets fairly or “buy” certain assets from your marital estate.
Fairness may include a property sale
As reported by Kiplinger’s Personal Finance, a couple’s budget generally allocates the largest part to housing. A gray divorce may include downsizing, and the attorneys may discuss selling your home. You could then divide its proceeds fairly with your spouse.
A collaborative divorce provides an opportunity for Connecticut couples to discuss their issues in a meaningful and amicable way. Each party’s lawyer may negotiate a fair division of assets. They could divide retirement plans and real estate holdings without lengthy court hearings. When couples reach an agreement, a family court judge may sign the final decree.