When your Ohio marriage comes to an end later on in life, you may worry about whether you are going to be able to manage the financial end of things without your former partner. The longer your marriage lasted, the more likely you are to have accrued considerable assets and debts together. Also, the older you are, the harder you may find it to reenter the workforce and find a well-paying job.
For these reasons, among others, AARP reports that looking out for your financial interests is critical when you divorce later in life. You are not alone in doing so, either, as the number of former couples divorcing after 50 has doubled in the last few decades. What financial steps might you want to take to position yourself well financially after a gray divorce?
Start building your own credit
If you let your former spouse handle the majority of your financial affairs, or if you relied largely on ex to support you, now is the time to start building credit of your own. That way, if you need to buy a new car or home, you have a better chance of securing a loan.
Figure out whether to sell or keep the home
You and your ex probably do not want to live together after your split. However, mortgage obligations do not end when you divorce. So, you need to figure out whether one of you is going to buy out the other, if you plan to sell the home and split the proceeds or what have you.
Review your retirement accounts
This is also a smart time to develop a firm sense of your retirement outlook. Determine how much you have, or how much you stand to receive, from your or your spouse’s retirement accounts.