When you’re an older divorcee, one of the things you have to be cautious of is protecting your finances. You may need retirement funds, or you might need to focus on obtaining part of your spouse’s pension. Whatever the case may be, the reality is that you may not have time to start a new career or to move up to the level you would have if you’d started younger.
The cost of living is much higher for individuals than it is for people living together. In fact, your expenses may be 40% to 50% higher if you’re living alone. The reality is that divorcing later in life can ruin retirement plans since you’ll be focused on paying up to 50% more to cover your financial needs. That could mean you have to go back to work, even if it wasn’t in your original plan. It also means you may need to seek out additional spousal support or maintenance.
No matter what you do, don’t forget to protect your finances. When you start to divorce, you should make a list of all your assets. Be honest, because if you’re caught hiding assets, that will hurt your case. Your priority has to be to get as much as possible out of the marriage so that you can support yourself. That may mean opting to sell a property and investing the profits instead of remaining in the family home, but you need to do what will keep your retirement financially feasible.
Your attorney will talk to you about the decisions you need to make and how you can make the most out of this difficult time in your life. Our site has more on this important topic.