The financial impact of a gray divorce may be difficult to overcome, as you have fewer years to recoup the assets lost when your marriage ends. Rebuilding your finances may be even harder if your marriage ends because your partner engaged in acts of financial infidelity. In such a scenario, your spouse may have depleted resources that you might have been entitled to under Washington law.
You might find yourself in the red
Your spouse may have racked up credit card debt in your name without your knowledge or permission. Your name may also appear on a joint car loan or mortgage even if you never saw a new car in your driveway or lived in an apartment your whole life. While your spouse may be required to pay these debts as part of a divorce decree, it may have little impact on your financial status. A creditor can still come after you if your partner refuses to adhere to its terms.
Retirement may not be practical
You may need to push back your retirement timeline after your spouse surprises you with a gambling debt or an emptied joint bank account. In some cases, you might find that retirement is not a possibility.
The divorce process may become more expensive
If your spouse is depleting assets, you might have no choice but to see a family law judge to put a stop to that behavior. You may also need to hire a forensic accountant or hire other professionals to obtain what is rightfully yours in a settlement. Of course, these actions may require you to spend money that you might otherwise have used to solidify your financial future.
In a divorce settlement, you may receive alimony as well as compensation for your share of assets that your spouse squandered during the marriage. Bank statements, tax records and other documents may be used to verify what you might be entitled to from your spouse.
