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 have shown that in 1990 one in ten people that divorced where fifty years old and older. In comparison, one in four people who divorced in 2010 were in that same age group. Additionally statistics show that the household income for divorced men drops by 25 percent and more than 40 percent for women. This age group will also experience a more expensive retirement if they are single as compared to couples. The cost of living expenses are fifty percent higher for singles when compared to couples.
An additional consequence of later life divorce is the fact that there is less time for financial recovery. With the life expectancy of women rising, they face living much longer on less money. There are ways for women to protect their future financially when they find themselves single in their later years. Following some simple tips can help make flying solo easier.
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.
Make sure you know what your monthly debt is. If a financial obligation is hidden it can be an unwelcome surprise when it surfaces later. If you are living in a state with community property laws each spouse is responsible for 50 percent of the other spouses debt. For folks who do not live in one of these states, it is important to note that you may be jointly responsible for the debts incurred while married. Make sure to get a complete report of your credit to avoid any surprises.
Also, take an inventory of household property. You may want to photograph any valuables in the home. These items may include art, jewelry, and sentimental items. Unfortunately, hiding assets is not unheard of during divorce. Some items may be used as bargaining tools when dividing property.
There are some things that you may not want to hold on to such as the house. A house has ongoing expenses and the future value is not necessarily assured. It is a good idea to investigate the financial impact of keeping or selling the home. If you are going to receive money from a spouses IRA make sure you get the facts about tax and penalties.
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 have shown that in 1990 one in ten people that divorced where fifty years old and older. In comparison, one in four people who divorced in 2010 were in that same age group. Additionally statistics show that the household income for divorced men drops by 25 percent and more than 40 percent for women. This age group will also experience a more expensive retirement if they are single as compared to couples. The cost of living expenses are fifty percent higher for singles when compared to couples.
An additional consequence of later life divorce is the fact that there is less time for financial recovery. With the life expectancy of women rising, they face living much longer on less money. There are ways for women to protect their future financially when they find themselves single in their later years. Following some simple tips can help make flying solo easier.
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.
Make sure you know what your monthly debt is. If a financial obligation is hidden it can be an unwelcome surprise when it surfaces later. If you are living in a state with community property laws each spouse is responsible for 50 percent of the other spouses debt. For folks who do not live in one of these states, it is important to note that you may be jointly responsible for the debts incurred while married. Make sure to get a complete report of your credit to avoid any surprises.
Also, take an inventory of household property. You may want to photograph any valuables in the home. These items may include art, jewelry, and sentimental items. Unfortunately, hiding assets is not unheard of during divorce. Some items may be used as bargaining tools when dividing property.
There are some things that you may not want to hold on to such as the house. A house has ongoing expenses and the future value is not necessarily assured. It is a good idea to investigate the financial impact of keeping or selling the home. If you are going to receive money from a spouses IRA make sure you get the facts about tax and penalties.
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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