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.
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.
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.
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.
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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