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5 tips to help you manage divorce after the age of 50

Divorce after 50 brings a set of issues you would not have had to deal with at age 30 or even 40.

Here are five tips to help you manage divorce if you are in your middle years or beyond.

1. Understand your financial future

Before you agree to a divorce settlement, make sure you understand the entire financial picture. What will you pay or receive in spousal support? What kind of taxes will there be on the assets awarded? Can you keep your home, or will the upkeep make ownership too expensive?

2. Consider employment

Depending on the way you see your financial future, you may decide to work longer than you had planned. If you are not currently employed, you may consider returning to the workforce. This could mean earning a new degree or specialized training, so do not procrastinate. Remember, you are older now and do not have as much time to pursue a new career as you once did.

3. Accept a lifestyle change

You may have to change your lifestyle and make do with less, as a result of the divorce. Develop a budget and learn to live within it. Delay your plans for retirement if you have to. The objective here is to be able to live within your means so you will not outlive your financial resources.

4. Forget litigation

If you and your spouse have significant assets, a traditional divorce in court can take years, and it will be very expensive. Consider options like mediation or collaboration. You will have the privacy you would not have in court, and the divorce will require much less time and money,

5. Seek assistance

As a person facing later-in-life divorce, you will need the advice and support of a divorce team, which may consist of your attorney, a tax advisor and perhaps a business appraiser and forensic accountant. Divorce after 50 is not easy. However, the next chapter of your life can be very fulfilling, and it begins with financial security.

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