A divorce is rarely easy for anyone. It is typically an emotional time, as both parties are dealing with the breakup of the marriage. There are other factors as well- children, division of property and finances, just to name a few. For those facing a “gray divorce”- one that occurs after the age of fifty, dealing with the financial aspects of a divorce can be especially difficult.
Divorce after fifty can be harder financially simply because there is less time left to recover from it. When you go through a divorce at a younger age, you are able to get back on solid footing by changing your financial habits to help you benefit from long-term savings and investments. For those over fifty, the long-term picture is different simply because you don’t have as much time before you are likely to retire.
If you had been accustomed to your husband’s job for your main source of income, a divorce means the loss of that income. Even for women who have been the breadwinner in the family, the loss of the husband’s income will have an impact on her financial security after the divorce.
How to protect yourself financially in a divorce
Have some protection in place even while you’re married. It is a good idea to preserve some financial independence while you’re married, because it can be very beneficial if you encounter problems. At a minimum, you should know exactly what assets you and your spouse have, so that if you find yourself going through a divorce, you will know if your spouse is concealing assets.
You should also examine your retirement portfolio. Determine what you have put aside for retirement, and how it will be affected by the divorce. Also, check to see what this will mean for your financial future. By taking the steps to prepare now, it can help you pursue a sound property division strategy to ensure that you are able to make ends meet after the divorce.
Consult an experienced family law attorney
The fact of the matter is that no matter how much you prepare yourself for the divorce, you are still going to need help throughout the process. You need someone to ensure that you are taking advantage of all of your rights and working toward a resolution that allows you to keep the things most important to you. An experienced family law attorney will help you learn more about what you can do to protect your financial future.