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.
According to studies, only 1 in ten people divorcing in 1990 was age fifty or more years of age and in 2010 that number jumped to one in four. According to US government statistics, dissolving a marriage drops household income by twenty percent for men and over forty percent for women. This is also at a time when retirement is more expensive for a single person than a couple considering that the cost of living for a single person is about 50 percent more than for a couple.
Additionally, there is much less time for recovering financially from the consequences of a divorce in later life. The life expectancy for women is increasing which means that they will be living longer with much less money. There are some ways that women can protect their financial future if they become single again in their older age. Following some guidelines will make being single 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.
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.
In addition, check to see what the social security benefits of your ex are. There are certain conditions that must be met to enable you to collect the benefits. Make sure that you address health insurance coverage.
According to studies, only 1 in ten people divorcing in 1990 was age fifty or more years of age and in 2010 that number jumped to one in four. According to US government statistics, dissolving a marriage drops household income by twenty percent for men and over forty percent for women. This is also at a time when retirement is more expensive for a single person than a couple considering that the cost of living for a single person is about 50 percent more than for a couple.
Additionally, there is much less time for recovering financially from the consequences of a divorce in later life. The life expectancy for women is increasing which means that they will be living longer with much less money. There are some ways that women can protect their financial future if they become single again in their older age. Following some guidelines will make being single 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.
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.
In addition, check to see what the social security benefits of your ex are. There are certain conditions that must be met to enable you to collect the benefits. Make sure that you address health insurance coverage.
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