If you are a woman going through a later-in-life divorce, you face some financial concerns unique to your age group.
These days, divorce after the age of 50 is not uncommon, but it is important to ensure security for your financial future.
Women usually live longer than men and in a post-divorce world, they must be able to support themselves for the rest of their lives. Some women never worked outside the home during their marriage. Others left the workforce at some point to raise children and never returned. While the emotional side of a divorce can be all-absorbing, it is essential to focus on your finances. The divorce will reduce the amount of marital income you had and your retirement nest egg will shrink.
In your later years, you will not have the time to start a new career or go back to school for training as you would have at a younger age. You will likely depend on spousal support, but consider finding a job you will enjoy, as well. This would give you the security of a second income stream in case the alimony should ever cease. Keep in mind that the longer you retain any assets you receive in property division, the larger your financial cushion will be.
Better cash flow
In addition to thoughts about spousal support and the possibility of a second income, consider the assets you want as a result of property division. Think about tax consequences and the advantages of retaining liquid assets such as retirement account funds over keeping an expensive illiquid asset like the family home. Making smart decisions during a later-in-life divorce will provide you with a secure financial future.