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Divorce after 50 and the financial concerns for women

On Behalf of | Nov 4, 2019 | Divorce |

Women of any age who face divorce worry about their financial future and not having enough money to live on.

Women who divorce in their later years are especially concerned about finances because their future looks entirely different than it did 20 or 30 years ago.

Start with the current financial situation

You can begin developing a workable plan for your future by understanding your current finances. This may be difficult for some women who relied on their husbands to pay the bills, make investments and exercise general control over the marital income. However, knowledge is power, and your attorney, joined perhaps by a financial planner and even a forensic accountant, can help you understand where you are and where you are going in terms of your financial strength.

Gather information

When you face the property division phase of your divorce, you want to ensure that everything is out on the table and that your spouse is not withholding any assets. Prepare by making a copy of recent tax returns and financial statements. Use your smartphone to make a video of the assets in your home such as furnishings, art and other valuable objects.

Consider tax implications

Remember that many of the assets you receive in the divorce will come with tax consequences. Many women want to keep the marital home, but remember that there will be property taxes and upkeep, expenses that cut into your budget. You may be better off with liquid rather than illiquid assets, such as retirement accounts like an IRA or 401(k). You may want to make some investments, but the time to do this is after the divorce is final and everything has been properly transferred.

Looking ahead

As a woman divorcing later in life, you may have to split many high-value assets with your soon-to-be-ex. Your retirement nest egg will be half of what you thought it would be. You may have to learn to budget more shrewdly or lower your lifestyle expectations. Rely on the advice and support of your legal team to ensure you receive everything you are entitled to in the divorce and that you have the best plan in place for a secure financial future.