Today we are joined for a second time by financial coach and CPA Linda Lingo. Linda is here to talk about grey divorce. She provides some wonderful tips about navigating grey divorce, things to consider with retirement, pension, and spousal maintenance, as well as the importance of having a solid team behind you. We also touch on the increase in the grey divorce age range and why that may be. Tune in today to gather some great insight about managing a grey divorce. 

In this episode:

[00:50] Linda provides an overview of her background. [6:13] What is a grey divorce? [7:57] What is causing a higher divorce rate with 65+? [9:01] Why are women 2x more likely to file for divorce than men? [12:07] Linda gives advice about going through a grey divorce from her personal experience as well as working with clients. [13:50] How does spousal maintenance work post-retirement? [20:36] How does someone approach pension in divorce? [22:13] If there is alimony or spousal support for a set number of years, why should you get a life insurance policy?

Key Takeaways: 

1 in 10 people getting divorced now are 65 and over. When dividing the assets up, it’s important to remember that retirement/401K are pre-tax; if you are balancing it with something that is post-tax, they are not equal. If you are getting spousal support or alimony, the person paying the support should get a life insurance policy for that set amount of time so that should anything happen, they still get their money. The person who receives the support needs to be listed as the beneficiary/owner of the policy.  

Quotes: 

“It's a term that refers to adults 50 and older going through a divorce. Typically it's a longer-lasting marriage that they are now getting divorced.” - Linda Lingo 

“I think women are now realizing that there is life after marriage.” - Linda Lingo

“The number one mistake I see women making is wanting to keep the family home, and it's usually for sentimental reasons. You have to take out a pretty large home equity line of credit or loan against the property in order to pay him for his half of the house, and then all the sudden you have a mortgage. And then the question is, do you need this big house? I mean, who needs a four-bedroom house if it's just you?” - Linda Lingo

Guest Bio: 

I started this business to provide tools and resources that help women gain clarity and confidence in their finances so they can move forward with their lives.

I want to empower women with smart money strategies so they can create a stress-free approach to money.

With over 30 years of experience in the financial industry, I have accumulated the knowledge and skill to understand your financial needs. More importantly, I have experienced most of these life events, thus giving me a first-hand understanding of what you are going through.

With my compassion and guidance, I will provide the right tools needed to make wealth a part of your everyday vocabulary.

Resources: 

Linda Lingo’s Website

Your Gray Divorce, 6 Critical Financial Steps to Go from Surviving Your Divorce to Thriving in Your New Life.

Lesa Koski Website

Lesa’s Online Courses

Mentioned in this episode:

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