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How gray divorce affects women financially

On Behalf of | Dec 8, 2023 | Divorce

The standard of living for couples in Indiana and across the nation almost always declines after their divorce. However, the decrease is more significant for those going through a gray divorce, particularly women, who take years to recover financially. If you are a woman who is over 50 and considering divorce, here is how to prepare.

Understanding your unique financial situation

Before starting the divorce process, prepare yourself by gathering financial documents, such as bank statements, retirement accounts, tax returns and other relevant financial information. Create a comprehensive list of assets, expenses and liabilities. Review credit card charges for at least the last six months. These tasks will help you determine which expenses are essential and which you can cut.

Consider collaborating with a financial planner who specializes in divorce and retirement planning. Although these professionals will cause you to incur an additional charge during divorce negotiations, they can help you understand your finances and your options for dividing assets, and they can help you avoid costly mistakes. They can also help you plan for the future.

Women in gray divorce who don’t take time to get their affairs in order are more apt to suffer physical and mental health effects. Some of the most common are high blood pressure, insomnia, stress and anxiety.

Transitioning to the next stage of life

Gray divorces often take longer to resolve because of the number of marital assets accumulated over the years. You may have an amicable divorce, but the property division process can take considerable time. Because most older women have a particularly challenging road ahead

financially, you’ll want to take your time to ensure you’re getting the best possible deal.

Transitioning to your new life can be challenging. However, with perseverance and the proper preparations, you will have success.