Divorce can be a difficult decision for anyone, but as a woman over 50, concerns over your finances may make this decision even harder.
You should not allow financial stress to keep you in an unhealthy situation. There are ways to financially survive divorce and thrive in your new life as a retirement-aged single woman.
Create a budget
If you anticipate divorce, you should add up the expenses your household currently incurs, such as food, clothing, utilities, gas or housing. While these numbers will change after divorce, they can still give you an estimate to help you determine how much money you need to sustain yourself. Depending on your situation, you may be eligible for spousal support. Several factors affect support eligibility and amounts.
Plan a strategy
Whether you are looking for ways to support yourself after retirement or need to supplement your current employment earnings, now is a good time to think outside of the box if your expenses exceed your income. Take a personal inventory of the things you are good at so you can turn your skills into extra cash. You might consider finding a remote part-time job with flexible hours or trying a side job that fits your schedule, such as freelance work, dog walking or selling handmade items. This stage of your life should be less about hustling and more about enjoying life, so make sure the path you take is pleasurable for you.
While separating from your partner is a significant decision, preparing now can help you ease the stress and secure a thriving, financially stable future for yourself.