Building Your Support Team After Spousal Loss or Gray Divorce

This week, we continue our “Women and Aging’ blog series. Becoming single later in life—whether due to the death of a spouse or a gray divorce—can be emotionally overwhelming and financially complex. Women, in particular, face unique challenges. Studies show that widows experience a 37% decline in household income, while divorce after 50 (often called “gray divorce”) suggests women’s household income generally drops between 23% and 40% in the year after a divorce. Building your support team after a spousal loss or gray divorce can provide needed stability and guidance

Troubling information

The economic effects of spousal loss or gray divorce are often less dramatic for men, and some studies show that their incomes may even rise after a breakup.

Additionally, widowhood is linked to increased risks of depression, loneliness, and financial stress.

Essential Professionals for Your Support Team

• Elder Law Attorney: It is crucial to update estate planning documents, protect assets, and plan for future care needs. An elder law attorney can help ensure that your financial and healthcare wishes are legally documented. Finding a lifecare planning elder law firm is especially important due to its added support and advocacy focus.
• Financial Advisor: Managing assets, adjusting investments, and creating a long-term financial plan can help secure your future. A financial expert can guide you through Social Security benefits, pensions, and budgeting. Tricia Mulcare, CFP®, CPA, PFS, Principal at Homrich Berg, specializes in working with single women and discusses essential considerations when choosing an advisor, including fee structure and financial goals HERE.
• Insurance Agent: It is critical to review health insurance options, including Medicare and long-term care insurance. Additionally, updating home and auto insurance policies can help prevent unexpected gaps in coverage.

Building a Personal Support System

While professional guidance is necessary, emotional and social support is equally important. Consider:

• Support Groups: Widow or divorce support groups offer a safe space to share experiences.
• Book Clubs & Walking Groups: Engaging in enjoyable activities can help rebuild your social network.
• Volunteering: Giving back to the community can provide a sense of purpose and connection.

Life after a spousal loss or divorce is a new chapter. You can regain confidence and control over your future by surrounding yourself with the right professionals and social connections. Hurley Elder Care Law’s holistic law practice perfectly fits clients navigating these life changes. Choose us to join your team of trusted advisors by calling 404-843-0121 to schedule an attorney consultation virtually or at one of our four convenient Georgia office locations (Atlanta, Duluth, Peachtree City, and Woodstock).