Aggressive Representation When The Stakes Are High

Headshot Of Jeffrey N. Greenblatt

How can women over 50 protect their finances after divorce?

On Behalf of | Jun 30, 2023 | Divorce

Gray divorce, or divorce among adults aged 50 and older, can be a particularly stressful experience which is becoming increasingly common in the United States. This trend has significant financial implications, particularly for women. If you’re going through a divorce after decades of marriage, educating yourself on the many ways to protect your finances can ease the impact and provide some relief during this difficult time.

Avoid these common mistakes 

As a woman, you may have spent all or parts of your marriage out of the workforce. As such, you may be at a disadvantage when it comes to your retirement savings, income, social security and earning potential. Thus, taking care to avoid missteps that can further complicate your financial situation would be wise.

For instance, mistakes to avoid when you are working toward a financially secure future include:

  • Failing to create a comprehensive inventory of assets
  • Holding onto the house you can’t afford
  • Not knowing all outstanding debts
  • Forgetting about health insurance
  • Underestimating your expenses
  • Not seeking professional help

These missteps can wind up costing you more than you expect today or serve as a time bomb that will explode many years in the future.

Planning for a financially secure future 

Surviving a divorce with your finances intact isn’t impossible, but it does require careful planning. You need to remember that you have full ownership of your financial situation after a divorce, but you don’t have to navigate this situation alone.

You can consult financial and legal professionals to help you understand the full financial picture of your life after a divorce and pursue resources like spousal support and the division of marital assets. Further, creating a thoughtful spending plan can help you live comfortably within your means, pay off debt and increase savings.

Divorce can be particularly challenging for women. However, by educating yourself about which significant financial mistakes to avoid, being mindful of overspending and taking that extra step to plan your finances, you can take control of your financial future and live more comfortably after a divorce.