Older South Carolina residents going through a divorce often find a significant impact on their finances. It’s important to know why and how this happens.
What can happen financially when you divorce after age 50?
When older couples get a divorce, it can hurt them financially. The cost of living for both parties can significantly increase and it might impact retirement plans. Women are usually hit harder. This is due to their longer lifespans.
What can you do to prepare for divorce?
If you’re over 50 and planning on divorcing, it’s important to have a guide for protecting your finances. Take inventory of all of your assets and property and get their value.
Gather all financial documents to check how much money you have and whether your spouse might be hiding any assets from you. You might want to hire a financial specialist to help you uncover potentially hidden assets and analyze your finances. Taxes and debts should be included in the equation.
Check your credit reports and close joint accounts and open new ones in your name only.
Change your beneficiaries on your life insurance, retirement plan, and estate planning documents. If you’re getting divorced, you’ll want to remove your spouse’s name and only include your children or add in another family member. However, you should also check your spouse’s life insurance policy if you believe you would be the one receiving alimony.
If you have health insurance coverage through your spouse’s policy, that will probably end. Look into your options online to find affordable health insurance.
Don’t be afraid to sell the family home. Keeping it might be more financial trouble than it’s worth.
Divorce later in life can be terrifying. You can lessen the impact by working with a financial professional who might be able to help you save money.