Late-in-life divorce can be a difficult process in many ways, especially when it comes to personal finances. When one spouse handles all of a couple's money, the other can encounter difficulties when it comes time to divide up assets and property following marriage dissolution.

For instance, a 2011 study conducted by the Census Bureau revealed that 23 percent of recently divorced women were more likely to rely on federal aid to live. Even when assets are divided fairly, living alone is generally more expensive than cohabitation, leaving some new divorcees struggling to adjust their lifestyles to fit smaller budgets.

If you are going through a late-in-life divorce, experts suggest that creating a new budget can help you avoid overspending. If you and your ex-spouse jointly owed money, some of the debt may be transferred to your name. It is important to know what bills you will be expected to pay after your divorce and account for them in your budget accordingly.

If you are granted the title to your family residence, you should have the property appraised to make sure you can afford mortgage payments or other associated costs. You should also conduct a title search to avoid surprises, such as an unknown lien on your home.

Regardless of your specific financial situation following your divorce, employing a legal representative can help ensure that you take all the proper steps to protect your assets. Even if you do not expect to encounter any legal dispute over the distribution of your marital property, a lawyer can still provide valuable counsel and help you avoid long term problems.

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