People going through a Divorce Over 50 have a wide variety of issues to deal with, but among the most important, and trickiest, is their finances.
To get some help on that subject, I sat down with Steven Pompan, a Senior Vice President and Financial Advisor with Morgan Stanley. Full disclosure, Steve’s a long-time friend, and handles my investments. He’s also been Divorced Over 50, and has made tremendous progress in finding his brighter future. Steve specializes in working with people in our demographic, and I’m confident you’ll find value in the interview that follows:
Divorced Over 50: First off, your philosophy regarding relationships sounds very similar to what we say here at Divorced Over 50.
Steve Pompan: Yes. Ideally, everybody should have a happy marriage. We all went into our marriages thinking they would be successful. However, things happen in life and directions change. Everyone deserves happiness. The Divorced Over 50 (DO50) network for both personal and business has helped my progress in adjusting to a new life.
A Divorce Over 50 quite often means dealing with much more complicated financial issues than those faced by younger couples. Many people in our demographic have built up retirement plans, acquired real estate, maybe even own a business. Here’s a very thorough article highlighting the different financial factors most Over 50’s need to consider when going through a divorce.
It won’t do you any good if your divorce is already final, but it’ll certainly be of value if you’re yet to sign on the dotted line. And for our “Di-Curious” (Divorce Curious) users, it’ll provide a solid head-start on the financial basics you’ll need to consider as part of making your decision.
Did you end up with the house in your divorce settlement? Though it may not turn out as badly as it did for a very young Shelley Long and Tom Hanks (above), Investopedia suggests you think very hard about whether it makes financial sense to hold on to it. This article may be of more value to someone in the process of divorcing, or who’s considering it, but it’s still worth a glance even if your divorce is long since settled. Hit the READ MORE button to comment on the financial challenges you’ve faced, and successes you’ve achieved…