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The financial consequences of divorce as a senior woman

Divorce is not just for the young. The same causes of divorce in newer marriages are present in older marriages, too. These problems may be new or may have been around for decades.

Whatever the circumstances surrounding your divorce, there are financial consequences to consider. They are not quite the same for a senior woman as they are for someone younger. Being aware of these financial implications can help you make wise decisions during the divorce process.

It may be harder to find employment

Depending on your situation, you may not be able to maintain your current lifestyle just from spousal support and other sources of income. You may have to enter the workforce. This may be difficult due to the following factors:

  •        Education: Whether or not you have a college degree, you may not have the required knowledge to qualify for a high-paying job in today’s market.
  •        Experience: If you have never worked or have not since you were younger, your lack of relevant experience and skills can hurt you.
  •        Sex: If you gain employment, you may not make as much money as you deserve.
  •        Age: Even if you are completely qualified, employers are less likely to hire older applicants.

It is wise to consult a divorce financial adviser to help you establish a realistic budget and find ways to increase your income.

There will be more assets to divide

You and your husband have acquired lots of property and financial accounts over the years. You may have multiple houses, stocks and pension plans. You may also share a business and debt. You may have an inheritance or other personal assets you need to ensure stay separate from marital property.

A high-asset senior divorce is very complex. Therefore, it is essential you have a superior family law attorney by your side to help you obtain as fair an alimony payment and a division of assets as possible.

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