Summary of "How Do I Financially Prepare for Divorce in My 60s?" – The Ramsey Show Highlights

Release Date: January 17, 2025
Host: Ramsey Network
Duration: Under 10 minutes

1. Introduction

In this episode of The Ramsey Show Highlights, the Ramsey Network delves into the sensitive and complex topic of preparing financially for divorce later in life. The discussion is anchored on a caller's real-life scenario, providing listeners with practical advice and expert insights on navigating the financial and emotional challenges that accompany divorce in one's 60s.

2. Caller’s Situation

Caller B outlines her personal circumstances:

• Age and Marital Status: She is 65 years old, married to a 67-year-old husband of 41 years.
• Living Arrangements: Currently living separately in their own home for the past six months.
• Family Dynamics: Frequently travels two to three weeks each month to assist her daughter, who resides in a different state with her children. The couple has another grandchild on the way.
• Community Involvement: Active in a church where she is building new friendships.

Caller B mentions that her daughter and son-in-law encourage her to spend more time in their home. However, they prefer she limits her husband's presence due to his behavioral and emotional immaturity, particularly concerning interactions with the grandchildren.

3. Marital Issues Leading to Divorce Consideration

The conversation reveals underlying marital tensions:

• Emotional and Behavioral Immaturity: Caller B describes her husband's inability to manage discussions, especially his fixation on trivial matters like politics. He often fails to respect boundaries, refusing to drop topics when requested.
• Attempts at Reconciliation: Efforts to involve the church and pastor to mediate have been unsuccessful. Despite promises to seek counseling, her husband has not followed through.
• Impact on Relationship: These ongoing issues have led to a gradual deterioration of their marriage, prompting thoughts of divorce as a means of resolving their differences.

4. Financial Considerations in Divorce

The discussion shifts to the financial aspects of preparing for divorce:

• Primary Concerns: Caller B is focused on whether they can afford to own two homes and the fate of their investment accounts.
• Investment Portfolio: She currently holds a $1.3 million investment account, predominantly in stocks (90%) and bonds (10%). She has considered transferring to another brokerage to manage individual stocks but is uncertain about the best approach.
• Financial Planning: The host emphasizes the importance of evaluating all assets and liabilities comprehensively. He advises against making hasty decisions regarding investment allocations until a clear path—either reconciliation or separation—is determined.

5. Host’s Advice and Insights

The host provides structured guidance to navigate both the emotional and financial complexities:

• Decision-Making: The foremost step is to decide whether to continue the marriage or proceed with a divorce. This decision will significantly influence subsequent financial strategies.
• Financial Assessment: Compile a complete balance sheet listing all assets and debts to understand what will be divided.
• Legal Consultation: Engage a diverse attorney to discuss equitable distribution, typically a 50/50 split in most states.
• Investment Strategy: Transition to mutual funds for simplicity and stability, recommending a 100% allocation to mutual funds over a mix of stocks and bonds. The host advocates for SmartVestor Pro as a tool for managing investments effectively.
• Emotional Boundaries: Setting clear boundaries and focusing on marriage counseling can either mend the relationship or facilitate a smoother separation.

6. Notable Quotes

• Caller B on Husband's Behavior:
  "[He] has asked for forgiveness every time these things happen."
  [01:39]

• Host on Marital Decision:
  "You need to decide if you're going to be married, and then you need to decide that, and then you'll decide whether you're going to do stuff."
  [04:12]

• Host on Investment Strategy:
  "I wouldn't be in stocks, I wouldn't be in bonds... I would be 100% of mutual funds. That's what I'm in."
  [05:15]

7. Conclusion

The episode underscores the intricate balance between emotional well-being and financial stability during a divorce in later life. By sharing a heartfelt caller story, The Ramsey Show Highlights offers actionable steps and expert advice to ensure that individuals can navigate the end of a long-term marriage with clarity and preparedness. Listeners are encouraged to assess their personal situations comprehensively, seek professional guidance, and make informed decisions that safeguard both their emotional and financial futures.

For more insights and daily advice on life and money, tune into The Ramsey Show Highlights, brought to you by the Ramsey Network.