Divorcing later in life is not uncommon in North Carolina. However, for divorcees who had planned a stable future ahead with their spouse, it may feel that way. Nevertheless, a happy and healthy life as a divorced man or woman over 50 is certainly possible.
It all starts with how well you hold your finances together. The reason for this may be obvious. The last thing you want to be worrying about so close to retirement is your financial stability. Here are a few recommendations for protecting your money in a silver divorce.
Project new living expenses
According to the American Association of Retired Persons, you should start your divorce planning by making a list of all your expected living expenses, both discretionary and necessary. At the end of doing so, you may now have an idea of how much income you need. Now, all you need to figure out is the how.
Plan for financial survival
Knowing how to ensure financial survival after divorce may be a hefty task. This is especially the case for people who were homemakers in the marriage. Here are some tips from AARP to help you get your finances in check:
- Immediately start looking into your available options for health insurance coverage.
- Consider working with a financial planner to help you sort through your finances.
- Consider the possibility of going back to work or starting a business.
- Accept that you may need to make some changes to your lifestyle.
Prepare for the divorce
If you are ready to hit the road, it can be easy to rush into making agreements to get the whole process over and done with as quickly as possible. The idea might be that you can always change your mind later, but that option may not be available when the time comes. Wait until you have enough information before making decisions, or you may come to regret it later on.
Divorcing after 50 is riddled with risks, but if you navigate your way safely through the minefield, happiness awaits you. This may be the perfect time to travel, start a business or do any of the number of things you set aside for the sake of your partner. However, the first step is ensuring you prepare for a financially stable exit that allows you to live the life you always dreamed of.
This article was written to provide divorcees over 50 with information on how to plan for the years ahead. It should not be interpreted as legal advice.