Episode 2: Starting Over After Divorce
In this second episode of the first season of Flourishing After 50, financial educator and author Vanessa Stoykov explores what it means to rebuild both life and finances after divorce in your 50s. Vanessa is joined by Andrea Elmargi from Innovative Wealth Management Group to unpack the story of Mark, a 54-year-old dad navigating child support, living in a rental, and wondering if it’s realistic to buy another home at his age.
Meet Mark
At 54, Mark is adjusting to life after a 26-year marriage. His ex-wife kept the family home, while he received a share of retirement savings and settlement money that quickly disappeared into legal fees and the cost of setting up a new life. He rents a small unit that doesn’t feel like home for his teenage kids, and he worries about whether he can ever afford to buy again. More than anything, he wants to rebuild with some security and dignity — but he fears it may be too late.
Meet Andrea
Andrea Elmargi is a financial adviser at Innovative Wealth Management Group, specialising in helping people find stability after major life transitions. With decades of experience, Andrea works with clients like Mark to balance immediate realities — like child support and rent — with the long-term need to protect retirement savings. His approach is both practical and empathetic, showing people that it’s never too late to start over with the right plan.
Key Takeaways
Divorce later in life is common — but it doesn’t mean your financial future is over.
Know your cash flow: track every dollar in and out, especially with child support in the mix.
Small extra super contributions in your 50s can make a big difference by retirement.
Think carefully before taking on new debt — a bigger rental may be smarter than a mortgage.
“It’s not too late. This next decade can be powerful if you take it step by step and get support where you need it.
“At this age, it’s about balancing your day-to-day reality with your future security.
“You don’t have to choose between helping your kids and protecting your own future — but you do need a clear plan to do both.
About Vanessa Stoykov
Vanessa is an international award-winning financial educator, author, and CEO of Evolution Media Group. She is on a mission to help people get real about money. With more than 25 years of experience creating financial education programs and content, Vanessa brings storytelling and practical insight together to help people make smarter money choices. https://vanessastoykov.com.au/
About Andrea Elmargi
Andrea Elmargi is a financial adviser at Innovative Wealth Management Group. Known for his clear, compassionate approach, Andrea supports clients through significant life changes, helping them rebuild and secure their future. He specialises in creating tailored plans that balance present challenges with long-term financial goals. https://www.linkedin.com/in/andrea-elmargi-02a13869/