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Protecting your financial interests in gray divorce

Gray divorce, or divorce in your older years, is on the rise across the nation. If you count yourself among those who are divorcing later in life, you may face unique financial considerations that other, younger people facing similar circumstances may not.

You may also worry about whether you might be able to live the same lifestyle to which you grew accustomed during your marriage once your union ends. The actions you take amid your divorce have a significant impact on your financial future, so to give yourself a good chance at a successful one, consider the following.

What to do with your shared home

Your landlord or mortgage lender likely does not care that you are navigating a divorce, so make sure to keep up with payments during this time. If you are homeowners, you must also decide if either of you wants to stay in the home by buying out the other or if you prefer to just sell it.

How to establish your own credit history

If you spent much of your married life using credit cards under your spouse’s name, or if your spouse was the one who took out your home loan, auto loan or what have you, you should think about establishing your own credit history. That way, when the time comes, you may have a better shot at obtaining a loan without assistance or a cosigner.

Do you have questions?

If you have questions about the ramifications of a divorce, speak with an attorney who has experience with gray divorces.

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