Divorce Over 50 - Financial Concerns

While children and custody are generally no longer an issue in a later-life divorce, the financial consequences resonate more deeply. Retirement savings designed for one household must suddenly be enough for two.

To begin, gather all of your financial documents, from bank statements to pay stubs, to pensions, insurance documents, and a record of all titles, assets, and liabilities. At this point in your marriage, most of these items will be comingled, and thus count as marital assets. Non-marital assets are only those that a husband or wife brought into the marriage and were kept separate from the marital estate.  An inheritance, for example, can be either marital or non-marital depending on when it came into the family and whether it provided a stream of income to the couple. A lawyer can help determine these factors.

Second, it is important that you begin tracking your spending, so that you have a realistic idea of your expected budget when you are no longer married. Your financial decisions during and after the divorce will depend heavily on your understanding of what the future holds.