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Don’t forget the green during a gray divorce

On Behalf of | Jan 25, 2017 | Divorce

As an older woman considering divorce, you may believe that you have limited options or that you may do better to simply stay married. However, this line of thinking does not have to prove true to your situation. Rather than accept an unhappy marriage and life, you may wish to consider what difficulties you could potentially face and how to deal with them in order to move forward.

Financial impacts

Divorcing over the age of 50 has become known as gray divorce, but rather than focus on the gray aspects, you may wish to focus on the green. Women often face more significant financial impacts after a divorce later in life. For many women who may have stayed home to care for children or simply made less in the workforce than their husbands, starting out on their own may cause much concern.

Protect your finances

While married, you could take certain steps to help ensure a better financial situation after your divorce. Maintaining a semblance of financial independence could help you carry that independence into your newly single life. By having a separate bank account and your own personal lines of credit, you may have a lesser chance of feeling caught off guard financially.

Gain financial knowledge

A lack of financial know-how could considerably hinder individuals who begin a new phase of life at an older age. If you do not understand how your bills have been paid or what accounts exist in your name, jointly with your spouse or solely in your spouse’s name, you could set yourself up for unnecessary difficulties. Therefore, you may wish to educate yourself on your daily financial interactions and responsibilities you may not have dealt with in the past.

Plan financial changes

After divorce, your life will obviously change significantly. As a result, you may wish to plan ahead for changes that you may need to make in order to accommodate your single lifestyle. Creating a budget or otherwise adjusting your spending beforehand could allow you to lessen the financial blows that could potentially result.

Divorce settlement

Of course, the settlement and terms of your divorce can also affect your finances. You may wish to find out information on how alimony will be determined and whether any hidden assets exist that could impact the outcome of your divorce settlement.

Because there are various areas relating to divorce that could cause concern when it comes to finances, you may wish to consult with experienced Ohio attorneys. Gray divorce does not have to leave you feeling drab, and moving forward as a single person could bring some color to your life, especially if you prepare accordingly.


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