According to Forbes, roughly 25 percent of divorcees are over the age of 50. Although people often find it difficult to readjust to being single at this stage in their lives, many Missouri residents do, and they’re thriving. One way that divorcees ensure a smooth adjustment is by prioritizing financial security, especially as retirement is not too far away.
When it comes to financial security, the big elephant in the room is often who gets to keep the house. More often than not, the primary caregiver will hold on to the real estate to make it easier to care for the children. In fact, even when the nest has emptied, men may willingly surrender the primary house to their ex-wives.
However, financial planners now advise divorcees to reconsider the wisdom of keeping the house. Instead, they recommend downsizing, regardless of who the children will live with. Here are some of the reasons downsizing may be a better financial move:
- Maintaining a house, especially a large one, can be expensive.
- If house values fall in the area, it may be difficult to sell the house when the children leave.
- There is always the question of the mortgage if the home is not yet paid off.
Another big consideration is earning an income. For women who never left the workforce, this is less of a problem, but still one that needs to be addressed now that they are not pooling incomes with their husband. For a former stay-at-home parent, the situation might be even more urgent. Many men or women may consider going back to school, but getting a professional certification or starting a business are worthy options to consider as well.
According to U.S. News, divorcing after 50 might also take a serious toll on your health. Depression and anxiety seem to be two of the leading problems faced by divorcees at this age. PTSD is also common among those who were in abusive relationships. Over time, these may contribute to the development of heart disease, insomnia, obesity and a weakened immune system. Thus, it is important for divorcees to focus on their physical and mental well-being.
Divorcing over 50 is a lifechanging event. For many, it comes at a time when they were ready to put their feet up, relax and prepare for retirement with their partner. Unfortunately, things do not always go as planned. Even so, with a clear mind and a commitment to self-care, this chapter may pass like all the rest.