MW 'I don't own a home': I'm 62, unemployed and have $1.5 million saved. Can I afford to divorce my husband?

By Quentin Fottrell

'He has no loyalty to me or our vows'

"Any advice before I make this leap?" (Photo subject is a model.)

Dear Quentin,

I'm 62, considering separation and divorce from my older husband. He has no loyalty to me or our vows. I was aged out of my profession in 2019, not by choice. I have not gotten back into the workforce at my age. I have $1.5 million in my own investments, although I don't own a home. Any advice before I make this leap?

Preparing to Live Alone

Related: My dad left when I was 9, reconnected with me in my 50s and now needs money. What do I owe him?

You can email The Moneyist with any financial and ethical questions at qfottrell@marketwatch.com. The Moneyist regrets he cannot reply to questions individually.

The length of your marriage and whether you live in a community-property state or not will also play a role.

Dear Preparing,

You have two choices: remain married and plan your exit - or pull the plug now. I suggest the former.

Take your time and gather documents. You're 62, your husband is older and, assuming both have your separate lives, there's no reason to serve him with divorce papers until you familiarize yourself with the laws of your state and compile a detailed financial plan. That plan includes investment income, when you will take Social Security, how much you need for housing in your chosen neighborhood and what, if anything, you will receive in a divorce settlement. The length of your marriage and whether you live in a community-property state or not will also play a role.

If you live in one of nine community-property states - Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington or Wisconsin - marital assets and debts acquired during a marriage are owned equally by both spouses. So if you were married to your husband for, say, 15 years, you would be entitled to half of his earnings during the marriage. That includes appreciation on investment assets. In an equitable-distribution state, marital property is divided equitably, based on your financial circumstances and the length of the marriage.

Financial planners often recommend a 3%-4% annual withdrawal rate so your savings last the rest of your life. For a $1.5 million portfolio, a 3% distribution would give you $45,000 per year before tax, while 4% would generate $60,000 per year - equivalent to about $3,750 to $5,000 per month before tax. Would your Social Security, when you decide to take it, help pay rent? This strategy, as always, assumes your investments remain diversified and continue to grow.

Health insurance

Factor in health insurance. This is a big one, given that you don't yet qualify for Medicare (which kicks in at 65). As you are not working, I assume you are listed on your husband's health-insurance plan. Divorcing at your age without a job constitutes a "qualifying life event," which opens special-enrollment windows for health insurance outside of the standard annual enrollment period. Your options include COBRA, the Affordable Care Act $(ACA)$ Marketplace, or Medicaid. ACA could cost you more than $500 a month; COBRA could cost more.

Another big unknown is whether your investments are taxable (held in a traditional IRA or 401(k)), or held in a Roth account. Either way, $1.5 million is a strong financial base, particularly if you can live modestly. If your rent is $2,000 per month ($24,000 per year) or $3,000 per month ($36,000 per year), you would not have much left over for living expenses. With the help of an adviser, you can decide whether it would be better to take Social Security early (at 62 or 67), or wait for the maximum amount at 70.

Review the laws in your state on the division of marital property and spousal support. For example, in California, marriages lasting less than 10 years are considered "short-term," and spousal support often lasts for about half the length of the marriage. When a marriage lasts 10 years or more, it is considered long-term; as such, the court does not set an end date for spousal support. Instead, it retains jurisdiction indefinitely, so support can be modified or even terminated if there are significant changes in either party's financial circumstances.

Finally, call a divorce attorney before you tell your husband. Your parachute should have no holes in it when you finally jump.

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-Quentin Fottrell

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March 05, 2026 05:20 ET (10:20 GMT)

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