Please stay tuned for important disclosure information at the conclusion of this episode.

Welcome to Investing Insights. I'm your host, Ivana Hampton. You may be starting the next chapter of your life with a divorce. The trend where couples 50 and older are ending their marriages

is growing. It's called a gray divorce. The emotional transition tends to require the

untangling of money, assets, and property. And there's also how to handle taxes. What do you

need to know if you're considering a divorce or are now newly single?

Cheryl Rowling is a CPA and the editorial director for financial advice for Morningstar, Inc.

Here's what she had to say.

Good to see you again, Cheryl.

Good to see you, too.

Well, it can be an emotional time when getting a divorce. How does one limit the financial

impact of getting a divorce later in life? Well, getting a divorce later in life, like you said,

is very emotional, but it also has a lot of financial impacts. And the best thing I can tell anyone getting a divorce, especially later in life,

is to make sure that you have a divorce attorney and a competent professional team behind you.

Now, before divorce, one family budget covered one household. After divorce, it sometimes needs to cover two households. What's the first step to create a new budget?

Yeah, well, keeping in mind that you're going to just have your share of the assets and the income,

not all expenses are going to be cut in half.

Your housing, you have to pay 100% of your housing.

You have to pay for your own medical bills.

You have to pay for your own homeowners insurance.

And so what you need to do is kind of scratch out a budget that shows the things that you have to spend money on,

your mortgage or your rent, your insurance, your basic food, and then the items that are more optional.

And you need to do that to get an idea of, will I be able to survive and how will I be able

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