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Financial Planning for the Next Chapter: A Guide for Those Over 50 Going Through Divorce
Going through a divorce after 50 presents unique financial challenges that younger couples typically don’t face. With retirement on the horizon and decades of shared assets to untangle, navigating this transition requires careful planning and strategic decision-making. Here’s a comprehensive guide to help you secure your financial future during this significant life change.
Understanding “Gray Divorce” and Its Financial Impact
The phenomenon of divorce among couples aged 50 and older, often called “gray divorce,” has doubled since the 1990s. With fewer years to recover financially and more complex assets to divide, the stakes are particularly high. The first step is acknowledging that while this transition is challenging, proper planning can help you maintain financial stability.
Immediate Financial Priorities
1. Take Inventory of All Assets
- List all retirement accounts, pensions, and Social Security benefits
- Document real estate holdings and investment portfolios
- Calculate the value of life insurance policies and annuities
- Include all debts and shared financial obligations
2. Protect Your Credit
- Open individual credit cards and bank accounts
- Monitor your credit report regularly
- Remove your name from joint accounts when possible
- Establish your own credit history if you haven’t already
Resources
United States Resources:
Canadian Resources:
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