Just When You Thought Your Divorce Was Final…

Signing your final Divorce papers can bring on a whole range of emotions. Anger, relief, fear, disappointment, unhappiness, plus many others. And you may feel various combinations of those emotions.

The one thing you shouldn’t feel on signing: Finished. Because there are still plenty of things you need to do to protect yourself, and make sure you’ve gotten everything you’re entitled to.

Financial Planning For Divorced Over 50’s

gray divorce, divorced over 50

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.

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.

Social Security and Your Ex

Personally, I find it hard to believe I’m merely a handful of years from being eligible for Social Security.  Maybe you feel the same way.

Did you know that if your marriage lasted at least ten years, you may be able to receive benefits based on your ex-spouse’s earnings?  And did you know that if your ex-spouse has died, you may be able to collect a survivor benefit?

Below the jump, I’ve excerpted a section from an investment email I receive.  It makes no sense to credit the firm that sent it to me, and since they don’t say who really wrote it, I can’t credit them.  But do take a look, as it’s important information that could make a difference for your financial future  And if you have questions, post in the Comments section and we’ll see if the community can respond…  

Seven Deadly Financial Sins of Divorce

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…