Dissolving a marriage is challenging emotionally and financially at any age. Divorcing when you are fifty or older is especially difficult for women who have been absent from the work force for years. There are a number of tips on divorce and finance for women who are 50 and older. When ending your marriage later in your life, it is important to plan and protect yourself for future finances.
Studies show that one in ten people who divorced in 1990 was 50 or older as compared to one in four in 2010. Government statistics also indicate that when a marriage ends the income for men drops by 25 percent and almost 50 percent for women. At this stage in life retirement is more costly for an individual as opposed to a couple. The cost of living is about fifty percent higher for singles than it is for couples.
A much shorter time for financial recovery after divorce is also a consequence of divorcing late in life. Women are living longer which means that they face a longer period of time living on a small income. There are some ways women can protect their future financial outlook when living single. Following some simple planning tips will help.
There are a number of things that will help when dissolving a marriage in later life. Fist it is important to prepare yourself for divorcing by enlisting a financial planner or accountant to work with you and your attorney. This is helpful when it comes to settlement agreements and securing your financial future. Make clean copies of all vital documents like insurance documents, loan paperwork, credit card statements, car registrations, loan documents, tax returns, trusts, and wills.
It is very important to know the monthly bills. Often a hidden financial obligation can be an unwanted surprise for couples. This is especially true if you live in a community property state. In states that have community property laws the spouses are responsible for half of the debt of their spouse. Even if you do not live in a community property state you can be held jointly responsible for any debt incurred during the marriage. Obtaining a complete credit report will help eliminate any surprise.
In addition, inventory the property in your home. Taking pictures of all valuable items in the house is also advisable. Valuables might be sentimental items, art, and jewelry. Hiding assets is no uncommon for folks going through divorce. You may want to use items you really do not want as bargaining chips.
Consider that there are some items from the marriage that are not worth holding on to, like your house. Your house will be a constant expense that may not have a future value that is secure. Take a look at the financial consequences of keeping the home or selling. Also consider the taxes and penalties of taking the money from a spouses IRA versus rolling it over.
You will also want to check the benefits for social security of the ex spouse. You will have to meet specific criterion to collect. In addition, be sure to address the issue of health coverage to avoid a laps in insurance.
Studies show that one in ten people who divorced in 1990 was 50 or older as compared to one in four in 2010. Government statistics also indicate that when a marriage ends the income for men drops by 25 percent and almost 50 percent for women. At this stage in life retirement is more costly for an individual as opposed to a couple. The cost of living is about fifty percent higher for singles than it is for couples.
A much shorter time for financial recovery after divorce is also a consequence of divorcing late in life. Women are living longer which means that they face a longer period of time living on a small income. There are some ways women can protect their future financial outlook when living single. Following some simple planning tips will help.
There are a number of things that will help when dissolving a marriage in later life. Fist it is important to prepare yourself for divorcing by enlisting a financial planner or accountant to work with you and your attorney. This is helpful when it comes to settlement agreements and securing your financial future. Make clean copies of all vital documents like insurance documents, loan paperwork, credit card statements, car registrations, loan documents, tax returns, trusts, and wills.
It is very important to know the monthly bills. Often a hidden financial obligation can be an unwanted surprise for couples. This is especially true if you live in a community property state. In states that have community property laws the spouses are responsible for half of the debt of their spouse. Even if you do not live in a community property state you can be held jointly responsible for any debt incurred during the marriage. Obtaining a complete credit report will help eliminate any surprise.
In addition, inventory the property in your home. Taking pictures of all valuable items in the house is also advisable. Valuables might be sentimental items, art, and jewelry. Hiding assets is no uncommon for folks going through divorce. You may want to use items you really do not want as bargaining chips.
Consider that there are some items from the marriage that are not worth holding on to, like your house. Your house will be a constant expense that may not have a future value that is secure. Take a look at the financial consequences of keeping the home or selling. Also consider the taxes and penalties of taking the money from a spouses IRA versus rolling it over.
You will also want to check the benefits for social security of the ex spouse. You will have to meet specific criterion to collect. In addition, be sure to address the issue of health coverage to avoid a laps in insurance.
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