When you married and settled down, you probably thought you’d spend the rest of your life with your spouse. Unfortunately, more couples 50 years and older have been getting divorced in recent years. Examining the financial consequences is critical if you’re considering a gray divorce in Oklahoma.
Lack of communication
Communication between you and your spouse is key to ensuring you’re both aware of your financial well-being. However, statistics indicate that in most marriages, this element doesn’t get addressed appropriately by couples:
- 16 percent consider one spouse as the financial role model
- 27 percent rarely discuss personal finances
- 45 percent make financial decisions together
If you fall within any of these categories, you may not realize how bad your financial condition is until you discuss getting divorced. The economic consequences of this position can make it challenging to pay your bills if you get a gray divorce and live independently.
Having the appropriate funds to pay expenses when living independently
You can face many expenses if you’re over 50 years old and get divorced. Housing and healthcare costs can increase quickly if you live in a different home. Paying for a child’s college tuition or a son or daughter’s expenses when they have financial challenges can also be burdensome if you lack savings, leaving you with less cash flow for expenses.
Limited potential for earning money
In your teens and 20s, you likely had fewer expenses and could work for lower wages. Now that you’re over 50, that possibility can be more challenging, and finding work that pays more may not be feasible.
The impact of a late-in-life divorce can negatively affect your lifestyle. Preparing and executing a plan of action is vital to ensure you have enough funds to live comfortably after getting divorced.