Our friends at Western New York Physician Magazine recently partnered with Sue Redsicker, Director of Financial Planning, on an article entitled, A Boom in Gray Divorce Means Special Considerations for Women. Head over to their website here for the full article. You can find it on page 25 of the digital edition.
Below is an excerpt:
The trend of women divorcing late in life, also called “gray divorce,” has reached an all-time high. While Pew Center Research shared good news in the form of fewer splits among younger couples back in 2017, it had more sobering news for the more established 50-plus crowd. Divorces for couples over the age of 50 have doubled since the 1990s and, for those 65 and older, they have tripled. Sadly, high achieving professionals, including physicians, are not immune from the stresses of starting over.
The emotional impact of going through a divorce is challenging enough, but what can be just as concerning is the financial impact that is on the horizon. If women have not been living an independent financial life simultaneously with their joint financial life, they will likely find themselves in a very difficult situation. Here are some tips for women to think about while chartering the waters as a female divorcee, including developing a revised financial plan.
An easy way of remembering the most critical items to address first is to think SOLO. This may be a new concept for women who have become accustomed to having most of their assets and liabilities jointly owned for the majority of their adult lives. Establishing yourself as an independent party is critical.