You may be one of many women in Michigan who stayed in an unhappy marriage for years because you worried that you wouldn’t be able to make ends meet on your own. This is especially common among women who sacrificed a career to stay home full-time to raise a family. Since your kids are now adults and on their own, you might have decided that now is the right time to file for a divorce, although you might still have financial concerns.
Although you might encounter financial challenges when you file for divorce after age 50, there are resources and tips available to help regain stability. The term “gray divorce” refers to those in older age groups who decide to part ways with a spouse. While both men and women typically experience a reduction in their standard of living after a gray divorce, the decline women experience is exponentially greater than their male counterparts, which is why it’s so important to tap into available resources to start building back finances.
Prepare for divorce by comprising a list of assets and liabilities
Before you can create a manageable budget for your post-divorce lifestyle, you must have a clear understanding of your current financial status. It is helpful to make a list of all your assets and debts. It is also a good idea to identify necessary expenses from discretionary ones, meaning those that you can eliminate if you choose to do so, such as online streaming subscriptions or monthly trips to a nail salon.
Once you have a clear understanding of what you own and what you owe, you can begin planning for your future. Try not to panic if you have debt going into a divorce. Your ex likely shares responsibility for some of it. Also, you can seek financial guidance to create a payment plan that will lay the groundwork for a stronger financial future.
Turn skills and interests into income
It’s understandable that you might not have imagined re-entering the workforce at this stage in life. Or perhaps you’ve never left the workforce but were hoping to retire soon. Either way, if your goal is to increase cashflow and generate new income, consider turning some of your talents or interests into a profitable business. For example, if you like to refinish old furniture, you can sell your finished products.
Maybe you’ve always wanted to own a cafe or have dreamed of opening a hair salon. While certain businesses might require licensing or education, with a strong support network in place, you may be able to achieve your goals.
Take one step at a time
Filing for a divorce later in life is likely going to have an impact on your finances. However, by tapping into resources available throughout Michigan, paying off debt and creating a doable plan, you can regain financial stability, and perhaps exceed your own goals.
