Divorce at any age is one of life’s more difficult undertakings.
However, after the age of 50, a marital split presents challenges you would not necessarily have encountered as a younger woman.
Understanding your finances
Perhaps your spouse took care of everything from balancing the checkbook to making investments. Even if you manage your own checking and savings accounts, you still may not know much about retirement accounts, pensions or stock options. When you are facing divorce, this is the time to expand your financial knowledge. You need to know where your finances stand currently, how they will change as a result of the divorce and what you will need to live on in the future.
Considering your work and support options
Are you still employed? If so, you may have to delay retirement for a while longer. If not, you might consider rejoining the workforce. If you are to receive spousal support, a second income stream would add to your financial security. Remember that the assets you receive in property division may come with tax implications. If you wish to keep the marital home, you face property taxes and the expense of upkeep. Will homeownership adversely affect your post-divorce budget?
Preparing for life after divorce
With the help of a team of professionals, such as an attorney, an accountant and a financial adviser, you can put your post-divorce life in order. As a younger woman, you would not have worried nearly as much about your financial future as you do now. You may have to downsize and live a less lavish lifestyle. While there may be challenges, the good decisions you make now will help you meet them confidently. You might even exceed your own expectations for successfully managing a later-in-life divorce.