When you split from your spouse later on in life, you may have different needs, financial and otherwise, than you would if you divorced during your younger years. You may not have any plans to reenter the workforce given your age, for example, or you may feel most concerned about having enough for your impending retirement.
Making certain money moves while your “gray” divorce is ongoing may help you accomplish your objectives and otherwise prepare for life on your own. What are some of the steps you might want to take to do so?
1. Try to minimize divorce costs
Not every breakup is highly acrimonious. If you and your ex might be able to work together on your divorce or come to an agreement with minimal strife, doing so may save each of you a considerable sum.
2. Assess your retirement picture
When you divorce at an older age, retirement might be in your immediate future, rather than sometime far down the line. You may be remiss not to review your retirement picture and prioritize securing enough for retirement while your divorce is ongoing.
3. Update your estate plan
Your estate plan may warrant a close review once you divorce later in life. When possible, you may want to update your beneficiary designations. You may also want to update your powers of attorney if you want someone other than your former spouse to have power over your affairs.
Keep in mind that once your divorce becomes final, you have limited options. So, figuring out your money issues while your divorce is ongoing may give you your best shot at financial success moving forward.