When you got married decades ago, you didn’t think that the marriage was going to end. Now that you realize it is about over, you need to start taking steps to protect yourself.
This might be a more in-depth process than what you expect. It is imperative that you take the time to go over all applicable points. Here are some important facets to consider:
Making up financial impacts might not be easy
A divorce at any age can impact your finances. When you are 50 or older, the impacts might be more noticeable. You don’t have as long as someone who got divorced in their 20s to make up for the financial loss you will suffer. Ultimately, you need to think about ways that you can reduce the impact of the divorce on your life.
You have a lot of property to divide
The older you are, the more stuff you are likely to have accumulated. You may have more than one home, as well as vehicles, retirement accounts, and other assets that you need to divide during the divorce. This can all be very challenging. However, you should take the time to note all of the assets and what they are valued at so that you can plan accordingly. Remember, an asset’s value isn’t necessarily what it is worth today. Valuation is very important in these cases, so take the time to have things like investment accounts and retirement holdings valuated.
You need to update your estate plan
Your estate plan will likely need an update because of the divorce. You should determine what you want to happen to the assets that are yours after the divorce. Think about providing for your adult children in the event you get into a new relationship. While you are at it, double check your powers of attorney designations. You probably don’t want your ex making decisions about our health care or your finances. You also might need to change beneficiaries for life insurance and the payable on death designations on financial accounts to ensure those are paid to the appropriate people.
Finding new love is often a challenge
You might yearn to have someone to share your life with now. Don’t let this tempt you to turn back to your ex out of desperation. Instead, focus on the new life that you have and find ways to enjoy it. You might be surprised at the plethora of activities that are available for you to try.
