Leah Hadley [00:00:01]:
Welcome to Intentional Divorce Insights. I'm Leah Hadley, certified divorce financial analyst, accredited financial counselor, and the founder of Intentional Divorce Solutions. I'll be your guide through the complexities of divorce, finance, and emotional wellness. Join me as we uncover practical tips and empowering insights to help you navigate your divorce with clarity and intention. Hello, and welcome back to Intentional Divorce Insights. I'm Leah Hadley, and today, we are tackling an issue that is really important for many of you, how to take control of your finances after divorce when you're 50 or older. I know this isn't where you expected to be. You may have envisioned growing old with your spouse, traveling together, or enjoying a shared retirement, but now your financial future looks very different.
Leah Hadley [00:00:54]:
And if you're feeling overwhelmed or uncertain, let me tell you, you are not alone. Divorcing later in life does bring unique financial challenges. You may be wondering, will I have enough money to retire? Can I keep my home, or is it better to sell? What should I do with my investments now? How do I make sure I don't outlive my money? These are big questions, and I wanna help you answer them. That's why I have created a very special workshop, Divorce After 50, Protecting Your Retirement and Securing Your Future, and I will be diving even deeper into these topics. So if you find today's episode helpful, I'd love for you to join me, and I'm including the link to register in the show notes. But for now let's get started by breaking down exactly what you need to do to take control of your financial future post divorce. Now let's start by acknowledging that after divorce or excuse me that divorce after 50 is different from getting divorced earlier in life. Now here's a quick stat for you.
Leah Hadley [00:02:03]:
The divorce rate for adults over 50 has doubled since the nineties, and for those 65, it's actually tripled. They even have a name for it. It's called gray divorce. And while divorce can be emotionally freeing, it can often bring major financial challenges. You may have built your retirement savings based on a two person household. Now you have to make it last for one. You may have spent years out of the workforce or earning less than your spouse, making it harder to recover financially. You might be worried about health care costs or long term care.
Leah Hadley [00:02:44]:
And here's the big one. Women on average experience a 41% drop in income after divorce. That is why I am so passionate about helping women like you take control of your financial future. You don't have to just survive this transition you can thrive with the right plan in place. So let's talk about what you can do today to start building that financial confidence. Step number one, you got to know where you stand financially. One of the biggest mistakes that I see people make is just to put their head in the sand because they want to avoid the finances. It feels too overwhelming and I do get it.
Leah Hadley [00:03:26]:
Trust me. But clarity really is power. So here's your action plan. Make a list of everything you own, checking and savings accounts, retirement funds, real estate investments. You're recently divorced. It's easy to go back and look at all that paperwork that was created during the divorce process. List your debts. You know, you wanna have updated numbers and interest rates, mortgage, credit cards, car loans.
Leah Hadley [00:03:53]:
Know your income sources. Are you receiving spousal support? Do you get Social Security? Do you need to return to work? Do you work, multiple jobs? You know? And here's a crucial piece. Budgeting is actually gonna be your best friend right now. And I know that budgeting is a bad word for a lot of people. May not sound like fun, but here is why it can be your best friend. It can really, be about taking control, like, feeling like you're in the driver's seat. The more you understand where your money's going, the more empowering, or the more empowered you'll feel. Now let's talk about growing your wealth post divorce.
Leah Hadley [00:04:36]:
I had many clients tell me, Leah, I don't even know where to start with investing. My ex handled all of that, and I want you to know that's okay. It's never too late to learn. Here's what you need to focus on, maximizing your retirement assets. If you're still working, you wanna contribute as much as possible to those retirement accounts. When you're looking at retirement planning, one of the things that we look at is being strategic about Social Security. And there are some benefits that you may or may not be aware of, from your ex spouse. So, you know, looking at all of these things to really maximize the available income to you in retirement.
Leah Hadley [00:05:18]:
This is an important one and I've done, a lot of discussion about this one in some of my past workshops. So if you've attended those, hopefully, you've walked away with this, but investing for growth not just for safety is so important. If you keep all your money in savings, you may feel secure, but investing wisely actually helps your money to last longer. And I can go into a lot more about that, but it really is important that you have a great investment strategy that you're sticking with it and that you really are growing that well so that way you can keep up with inflation and don't lose purchasing power. Now let's talk about one of the biggest financial decisions you may need to make post divorce, where you live. Should you stay in your home? Should you downsize or consider a completely fresh start? For many women, the family home represents security. It's stability. It could be memories.
Leah Hadley [00:06:16]:
It's where you raise your kids, hosted holiday dinners, and built a life, quite frankly. And I completely understand why the thought of selling it may feel overwhelming or even heartbreaking. But here's the reality. Your home is not just an emotional space. It is a financial asset, and it is important to treat it as such. So I want you to ask yourself these key questions before making a decision about your living situation. Encourage you to ask yourself these essential questions. Can I comfortably afford the mortgage, property taxes, and upkeep? Now even if your home is paid off, the cost of maintenance, insurance, and property taxes can add up.
Leah Hadley [00:07:03]:
And if you're keeping the home and that means draining your retirement savings or struggling to afford your lifestyle, it might not be the best choice for you. Question number two. Will I still wanna live here in five or ten years? Think about your long term needs, not just short term. Is your home too big for you now? Do you want to deal with stairs, yard work, ongoing repairs as you get older? Take some time to think about what what the future holds for you. Am I staying because emotions or because it makes financial sense? Now be honest with yourself here. Are you holding on to this house for comfort, or is it truly the best financial decision for yourself? I always tell clients run those numbers. Don't just make emotional decisions, but have the facts in front of you. And, of course, if you do sell, you wanna see what your other options are or even if you're considering, what are your other options? Right? Downsizing doesn't mean giving up your independence.
Leah Hadley [00:08:08]:
It can mean actually gaining financial freedom if cash flow is tight if you stay in the the marital home. Would you prefer a smaller home, a condo, even renting for a while to give you some time to decide what you wanna do next? If keeping your home is truly the best decision for you, then take steps to ensure it remains a secure and manageable place for you. That means you wanna have an emergency fund because let's face it, unexpected repairs happen. So set aside money so a broken furnace or a roof repair doesn't derail your finances. Take a look at that mortgage. If you are carrying a mortgage, see if there are opportunities to refinance at a lower rate, maybe now or in the future, and consider is there space that you could rent out from your home. You know, if do you have extra space, maybe a spare room or, you know, some people actually have, like, a whole separate unit that they're able to rent out. If downsizing might be the smarter choice for you.
Leah Hadley [00:09:10]:
Now I will say many of my clients will initially resist downsizing only to tell me later that it was the best decision they ever made, and I'll tell you why. Because they no longer stress over mortgage payments. So it's it's a cash flow thing. Right? Cash flow is tight, and they have been able to increase their cash flow so they have more money coming in, less expenses every month. It's just more comfortable. Right? They have extra money from the sale to put towards things that might be important to them, like retirement or travel or, you know, all kinds of things. They feel a huge weight is lifted by no longer having to maintain a big house. So you can think of downsizing as a fresh start, a chance to create a home that reflects the new you and supports your financial security.
Leah Hadley [00:10:00]:
Beyond housing, this is also a time to reevaluate your lifestyle. Are there things that you're spending money on out of habit that no longer align with your new life? So I often work with people. I'm looking at subscriptions and memberships. Are you paying for things you don't use, gym memberships, streaming services, clubs that maybe made sense when you were married, but maybe they don't now? What are you spending on dining out and entertainment? This is a bit catter this is a big category for a lot of people, and it's okay to enjoy yourself, of course. But if your budget is tight, you may wanna consider finding new ways to socialize that don't cost as much. And if you love travel, which many of my clients do, consider alternatives like house swapping, group travel, or budget friendly destinations. Making thoughtful housing and lifestyle adjustments don't mean limiting yourself. I'm gonna say that again.
Leah Hadley [00:11:01]:
Making thoughtful housing and lifestyle adjustments don't mean limiting yourself. It means creating financial flexibility so you can live life on your terms. Where you live and how you spend your money post divorce should support your happiness and financial well-being. So let's make sure that you are set up for success in that way. Now I wanna take a moment to really speak to you, not just as a financial professional, but as someone who has walked alongside so many women navigating this stage of life. I know that for many of you, this just isn't about the numbers. Right? It's it's about confidence. It's about believing that you can manage your money on your own, that you can make smart decisions, that you can build a secure future no matter where you are starting from today.
Leah Hadley [00:11:52]:
Let me tell you something. You absolutely can. I've worked with so many women who, the beginning of their divorce journey, told me they felt powerless when it came to their finances. Maybe their spouse handled the money for years. Maybe they were made to feel like they weren't good with numbers. Maybe they just felt overwhelmed by all the changes they were experiencing. But you know what happens when they start to take control? When they learn how to manage their investments, make informed choices about their assets, and start building their future on their own terms, they transform. Confidence doesn't come all at once.
Leah Hadley [00:12:33]:
It comes from taking small, consistent steps forward. So here are some things that you can do right now to start stepping into financial independence. Educate yourself about money. You don't have to be a financial expert overnight, but the more you understand your money, the more in control you will feel. So reading books, listening to podcasts like this one, or taking a course on investing can all be really helpful. Work with a trusted financial professional. If managing everything on your own feels overwhelming, you don't have to do it alone. Find someone who will empower you with knowledge, not who will intimidate you with jargon.
Leah Hadley [00:13:17]:
Set small achievable financial goals. Maybe it's building up a $5,000 emergency fund. Maybe it's increasing your retirement contributions by 1%. Maybe just creating a post divorce budget that feels good to you. Every step you take helps to build that confidence. But I want you to give yourself permission to make mistakes. No one makes perfect financial decisions all the time, and you're not expected to either. The key is learning from those mistakes and then moving forward with better knowledge.
Leah Hadley [00:13:54]:
Remind yourself that you are capable. If you are doubting yourself, I want you to think about all the challenges you've already faced in your life. You've handled difficult situations before, and you will handle this one too. Now one of the biggest things I've seen help women after divorce is simply having a plan. When you know exactly where your money is going, when you have a strategy for growing your wealth, when you understand your options, that's when you feel free. And if you're thinking, Leah, this all sounds great, but I don't even know where to start. That is exactly why I created the upcoming workshop, divorce after 50, protecting your retirement and securing your future. Now this isn't just another webinar where you're gonna get generic financial advice.
Leah Hadley [00:14:42]:
It's step by step road map designed specifically for women who are navigating the financial realities of divorce later in life. In the workshop, we're gonna talk about how do you create a financial plan that makes you feel confident and secure. What do you need to know about investing and retirement savings? How do you make smart decisions about housing and lifestyle adjustments? The biggest financial mistakes that women make post divorce and how to avoid them, and mostly, how to move forward with clarity and confidence. So if you are ready to go from feeling uncertain about your financial future to feeling empowered and secure, I would love for you to join me. And, again, the link to that workshop is in the show notes. Building confidence takes time, but the most important thing is that you get started. And I promise you, the more you take control of your finances, the more control you'll feel over your entire life. Now I know that going through a divorce later in life can feel overwhelming.
Leah Hadley [00:15:43]:
Going through a divorce at any time can feel overwhelming. It is very easy to focus on what has been lost. The retirement plans you envisioned, the shared financial responsibilities, the security of knowing there was a second income in the household. But here's what I want you to take away from today's episode. You're not starting over. You're starting fresh with wisdom, experience, and the ability to shape your financial future on your terms. So let's quickly recap what we covered today. You wanna know where you stand financially.
Leah Hadley [00:16:20]:
Take the time to inventory your assets, your liabilities, your income, and your expenses. Remember, knowledge is power. Be intentional with your money, whether it is creating a budget, making investment decisions, or adjusting your retirement plan. Every decision you make now will impact your future security. Think critically about where you live. Your home should support your financial goals, not hold you back, and build that financial confidence. You don't have to have all the answers right now, but you do need a plan. And remember, financial security isn't just about money.
Leah Hadley [00:16:57]:
It really is about peace of mind. It's about knowing that you can afford to live the life that you want without fear of running out of resources. It's about feeling confident in your ability to make financial decisions no matter what life throws your way. Now I know this is a lot to take in, and you might be thinking, woah, Leah. I can't do this on my own, but I don't expect you to. Remember, we do have a great workshop coming up. And if you are feeling uncertain about your financial future, it will give you clarity. It will increase your confidence and provide you with a concrete plan to move forward.
Leah Hadley [00:17:35]:
So I truly believe that education is empowerment, and I want you to feel empowered in this next stage of your life. So please do join me for the workshop. Again, the link is in the show notes. Or if you just go to our website, intentionaldivorce.com, you'll see it highlighted at the top of the page, and you can click on that to get registered. Now even if you can't join us live, we do, provide the recording to everybody who registers. So, again, make sure to take the time to register. Now before I sign off, I wanna leave you with this. Your divorce is not the end of your financial story.
Leah Hadley [00:18:13]:
It's just the beginning of a new chapter, and it's one where you are in control. Now if you found this episode to be helpful, make sure to subscribe to the podcast so you never miss an episode. Share it with a friend who might need it, and leave a review if you feel inspired. It helps others find the show and get the support they need. Thank you so much for spending time with me today. I'm rooting for you, and I'll see you next time on Intentional Divorce Insights. Thank you for joining me on Intentional Divorce Insights. It's a privilege to share this time with you.
Leah Hadley [00:18:45]:
I hope each episode offers valuable guidance to navigate your journey. If you find our content helpful, please leave a review to help others discover the benefits of intentional decision making in divorce. Until next time, take care and continue to embrace your path with intention.
