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Getting your finances in order following a late-in-life divorce

On Behalf of | Jul 16, 2021 | Divorce |

Divorce is often harder for those who are 50 or older in Indiana. They have already established their lives, and they tend to struggle with finances as they have fewer assets and can no longer rely on the income of their former spouses as well. Fortunately, there are some steps that older divorcees can take to organize their finances.

Create a realistic budget

It’s imperative that older individuals create a realistic budget after a divorce. They should include both their fixed expenses as well as costs that tend to fluctuate. It’s a good idea for individuals to look over the past several months of bank statements so that they can get a good idea about what they are spending money on every single month. This will allow them to see if they are making enough money to cover all their expenses or if they need to cut back in some areas.

Set financial goals

Despite getting divorced later in life, it’s still important that those individuals set some financial goals. These goals may look a lot different than the aspirations they had when they were younger. These goals can include saving additional money for retirement, an emergency fund or a vacation to go see the grandkids.

If you are over 50 and recently got a divorce, you may worry a lot about your finances. Fortunately, you can still live a great life even though things are now very different. By creating a realistic budget and setting some financial goals, you can make sure that you have all the money to do the things that you want to during this new stage of your life.