Don’t Let Divorce Ruin Your Finances

divorced over 50, gray divorce,

Many visitors to Divorced Over 50 are either Di-Curious, or in the very early stages of their Divorce. If that’s you, it means that final decisions about post-Divorce finances have not been made, so there’s still time to get it right.

And this article from US News and World Report should help you do just that.

The piece offers ten ways you can prevent a Divorce from ruining your finances. Some are obvious, some you’ve likely heard before. But it’s worth taking a look and keeping the suggestions in mind.

The tips include:

  • Prepare for a new career ASAP. For a non-working spouse, as soon as you know Divorce is even a possibility, start planning to go back to work. Polish your skills and start networking immediately.
  • Don’t get emotional about your home or other items. Many people are emotionally attached to their home, but staying in it may cause significant financial hardship. And don’t spend more money fighting over sentimental items than they’re actually worth.
  • Hire your own team of professionals — get an attorney, accountant, or even financial planner who’s working just for you.
  • Don’t forget about insurance. When one spouse has a financial obligation to the other, that person has to have both life and disability insurance in case something goes wrong.

And if you want to dig deeper on the topic, here’s a piece from a Certified Financial Planner that’s also a good overview on the topic.