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Financial Planning for Grey Divorce: How to Secure Your Future
The phenomenon of “grey divorce” – couples splitting up in their 50s and beyond – has doubled since the 1990s. While ending a marriage later in life can offer a fresh start, it also presents unique financial challenges that require careful navigation. Here’s how to protect your financial future when facing a grey divorce.
Understanding the Unique Challenges
Grey divorce often involves more complex financial considerations than younger divorces. With retirement approaching or already here, there’s less time to recover from the financial impact of splitting assets. Couples must carefully divide decades of accumulated wealth, retirement accounts, and property while ensuring both parties can maintain their standard of living.
Essential Steps for Financial Security
1. Take Stock of All Assets
Begin by creating a comprehensive inventory of all assets, including:
- Retirement accounts and pensions
- Social Security benefits
- Real estate and property
- Investments and savings
- Insurance policies
- Business interests
Resources
United States Resources
Canadian Resources
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