Jump to Navigation

Tips on bouncing back financially from a ‘gray’ divorce

Hearing the words “I want a divorce,” after decades of marriage can bring about a lot of emotions, from anger to fear or even surprise. A late in life divorce can certainly make one’s future uncertain, particularly if a spouse stayed out of the workforce while married and now must find some way to return.

For some in Gig Harbor, the idea of returning to the workforce post-divorce after being away for decades is intimidating to say the least, or may even seem impossible. However, it does not have to be. With the right attitude and strategies, older divorcees may find that they are able to become self-supporting after divorce.

First of all, one may need to accept that they will have to downsize their standard of living in order to save for retirement. For example, taking in a roommate or two can help lower living expenses, and it can also give an individual time for her home to grow in value, so that when she does decide to sell it, she can make more money.

In addition, spouses who have been out of the workforce may need to upgrade their skills. This means they will have to decide whether or not to go back to school to earn a degree that pays well enough and perhaps provides a retirement plan. Some may opt for a four-year school, while others may pursue a two-year associate’s degree, and some may have a degree already. Keep in mind that some employers will help their employees pay for higher education, so seeking out these opportunities may be a good idea.

Once an individual finishes her education and looks for a job, it is important to find one that has both a good salary and good benefits, including retirement benefits and a health care plan. In fact, the right kind of benefits may be just as important, if not more so, than a higher salary.

These are only some strategies that may help recent divorcees who find they are returning to the workforce after a lengthy absence save for retirement. For more information aboutdivorce legal issues, you may want to seek legal help.

No Comments

Leave a comment
Comment Information
tell us about your case

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

Subscribe to This Blog's Feed