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Divorcing after 50? Avoid these missteps

Divorce at any age is difficult, but when you are over 50 years old, it may seem especially so. You will have to face some big changes. For example, if your husband took care of paying the bills and the mortgage on your Pembroke Pines house, you may now have to handle these kinds of things on your own. In order to make the adjustment to your new life as painless as possible, it is important to avoid some common financial mistakes.

Making the wrong move during your divorce can cost you significantly. Avoid these common missteps and you can protect your finances from divorce.

Not taking inventory of your assets

If your husband has been handling all of the finances during your marriage, you may not know exactly what kinds of assets the two of you own. In order to ensure you get your fair share from the divorce settlement, it is vital that you make a complete list of all of your property. You can start with prior year tax returns that should include all of your sources of income such as rental properties, interest and dividends from investments, and any other earnings.

Keeping the house

You have probably spent years living in the same house and it might be hard to imagine living anywhere else. However, keeping the house may not be in your best interest. Before you insist on getting it in the divorce, be sure that you can afford the mortgage payments and the upkeep. If you cannot, take advantage of this opportunity to downsize and move into a home that is easier for you to maintain.

Not factoring in your expenses

When you are negotiating a divorce settlement, your main goal should be to walk away with enough to maintain a reasonable standard of living. In order to do this, you have to know what your normal monthly expenditures are. Sit down and make a realistic budget that includes everything from your monthly utilities to your health insurance needs.

If you are over 50 and considering divorce, the above tips can help you avoid some common mistakes. By following this advice, you can protect your finances and start your new life off right.

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