In our last post, we began discussing the difficulties that can accompany late life divorce, especially for spouses who were not responsible for handling financial matters during their marriage. Oftentimes, women are the ones who face these types of challenges, though men may equally share them.

Late-life divorce needs to be properly planned for in order to make it as smooth as possible. Hiring an attorney to help you plan is the first important step to take. When meeting with your attorney, keep the following tips in mind.

Consider where there are ways to resolve differences with your spouse other than litigation, such as mediation. This can save you money and avoid unnecessary stress. Of course, you should not be shy of litigating in order to secure your rights.

Establish a new budget for you new life which is realistic. Do this before the divorce is final, as this will help you make the transition easier. As with any change, this will take time and adjustment, but it can be done with proper planning. Spend your settlement money carefully, with an eye toward providing for your future. And realize that you will have to shift your thinking about spending and money.

In terms of real estate, be sure that your finances will allow you to keep it around and pay all associated costs. Also, get the property appraised and make sure the title is clear. This will give peace of mind and prevent potential problems down the road.

If you owe money jointly with your spouse, you should be prepared to pay for your share of the debt. Realize that, if you end up with a larger share of the debt than your spouse, you may also receive a larger settlement in compensation. In terms of which debts you will have to take on, it depends. Debts on secured assets follow the asset. Whoever receives the family home will receive the debt that comes with it. For student loans, the one who took them out will be responsible for the debt. These are just a couple examples.

Finally, seek the advice of those you trust, whether it is adult children, friends, or relatives. Emotional support is critical when making such a big life-changing shift as divorce, especially if the marriage was long-standing.

Source: Fox Business, "Six Money Tips For Late-in-Life Divorces," Erica Sandberg, October 31, 2011.