As someone in banking or Charlotte’s many other popular job industries, you and your spouse may have amassed significant wealth over the years. Most of that money and other assets will ultimately need to be divided among you and your spouse if you divorce.
While prenuptial agreements can help dictate how some of this goes, many spouses don’t have them. A divorce can be financially devastating. It can impact you on different levels, depending on how far into your marriage it occurs.
What to expect at the 10-year mark
You and your spouse are likely in the early years of building up your assets but already have a:
- Pricy primary home or have a secondary one
- Portfolio of rental properties and investment accounts
- Nicer car
- Sizeable retirement fund and bank accounts
- Family business
Your spouse’s demands for child support can significantly impact your finances as well.
How divorce impacts you 20 years into your marriage
It’s likely that you’ve significantly grown your assets by this time at which some individuals often start thinking about retirement. You may have had a family business for two decades already, too.
If you have kids, then they’re likely older, and perhaps they need you to pay for their extracurriculars, need a car, have school-related expenses, and then you have your child’s college tuition on top of all that.
To make matters worse, your spouse may have left their career at some point to raise your kids, and they may have little prospects for rejoining the workforce any time soon. You may find yourself owing them alimony.
How things change 30 years into your marriage
You’re likely to fall into the “gray divorce” category if planning to split with your spouse at this point. You might be retiring any day now or have already done so. You may have downsized your home, cashed in your investments and already donated the funds to charity. You reach the point at which a judge may order more permanent alimony to your spouse.
The financial consequences of a divorce only become more impactful the older that you get. This is why you have to take an aggressive stance in negotiations to ensure that you don’t end up destitute after amassing an abundance of wealth.