Ways to manage financial pitfalls during late-in-life divorce

Getting divorced at any age creates profound stress and uncertainty. However, this is even more so for older individuals. There are several considerations to help prepare yourself from financial pitfalls.

1.) Create an inventory of all assets, before meeting with your attorney. You should know how each asset is titled (jointly or individually).

2.) Be mindful of past employment and any pension or stock options that you may have.

3.) Be aware of social security benefits. You can collect off of your ex-spouse’s social security benefit, as long as you were married for ten (10) or more years. This is true even if your ex-spouse remarries. In addition, your ex will not be affected if you do collect based on their earnings.

4.) Upon the conclusion of your divorce, check the beneficiary designations and title to all of your assets, and ensure that your ex-spouse has been removed from all of them.