Ending your marriage later in life is very emotionally and financially challenging. This is especially true for women who have been stay at home moms and not worked outside the home for many years. There are some suggestions that can help older women with divorce and finance issues. Planning and protecting your financial future is important when dissolving your marriage.
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.
An additional consequence of later life divorce is the fact that there is less time for financial recovery. With the life expectancy of women rising, they face living much longer on less money. There are ways for women to protect their future financially when they find themselves single in their later years. Following some simple tips can help make flying solo 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.
You may want to consider not keeping your house. Maintaining a home is an ongoing expense and the its future market value is uncertain. Look at the financial consequences of selling and keeping real property. For those who will receive part of a spouses IRA it is a good idea to get all the information regarding penalties and tax.
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.
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.
An additional consequence of later life divorce is the fact that there is less time for financial recovery. With the life expectancy of women rising, they face living much longer on less money. There are ways for women to protect their future financially when they find themselves single in their later years. Following some simple tips can help make flying solo 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.
You may want to consider not keeping your house. Maintaining a home is an ongoing expense and the its future market value is uncertain. Look at the financial consequences of selling and keeping real property. For those who will receive part of a spouses IRA it is a good idea to get all the information regarding penalties and tax.
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.
About the Author:
When you are searching for information about divorce and finance, visit our web pages today. More details are available at http://newchaptercapital.com now.