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Divorce in your 50s

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All porn pics Divorce in your 50s.

Divorce rates in the United States are declining—except for people over Divorce in your 50s Twenty years ago, just one in 10 spouses who split was age 50 or older; today, according to Dr. Divorce in your 50s this surge in break-ups? As people live longer, they have more opportunities to grow—and grow apart. As the kids grow up and move out, the glue that holds many marriages together dissolves. With more women working and becoming financially independent, and some of them out-earning their spouses, there is no longer a financial imperative to stay together.

Divorce at this age can be financially devastating.

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More worrisome, a mid- to later-life split can shatter retirement plans. These concerns are magnified for women. Divorce proceedings can pull the plug on your retirement dreams: You can protect your financial future by avoiding these seven all-too-common mistakes:.

Failing to create an inventory of assets.

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Often one partner has a better understanding of the couple's finances than the other. This person likely has a solid idea of how much money their investment accounts hold, the value of their assets and how much cash is in their savings accounts, while the other partner isn't as up to speed.

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If you're the latter person, you'll want to take an inventory of all the assets before attempting to split them up. In addition to knowing what's in your bank accounts, you should also track your retirement accounts and life insurance policies.

Divorce after 50 now has...

Holding onto the house. If you end up with the Divorce in your 50s home, think long and hard about whether to keep it.

Before deciding to stay, figure out if you can afford the mortgage, as well as the costs associated with maintaining the property. For related reading, see: Divorce and Mortgage Payments: What You Need to Know. Not knowing what you owe.

For couples who are divorcing...

Even in non—community-property states, you may be liable for jointly held credit cards or loans. Get a full credit report for both you and your spouse, so there are no surprises about who owes what.

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Just about every financial decision you make during a divorce comes with a tax bill. Is it better to have the brokerage account or the retirement plan? Keep the house or sell it?

Ten Common Divorce Mistakes

And who should pay the mortgage until it sells? Even providing child support can have tax implications, so consult an accountant or tax advisor to determine what makes the most sense for your situation before divvying up assets.

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Forgetting about health insurance. Basically, there are three options: IRA laws trump the financial exigencies of divorce: Supporting your adult children. Hiding assets from your spouse.

In divorces where a lot of money is at stake, you may be tempted to try to hide assets so it looks like you have less money to contribute. Doing this is not only shady, it's illegal and could set you up for more legal fees and court time if the assets are found. Some of the repercussions for hiding assets from your spouse include a settlement that will give your spouse additional assets, Divorce in your 50s contempt of court ruling, or fraud or perjury charges.

Thinking your divorce advisors are your friends.


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