The end of a marriage is a complex legal process, no matter the age and financial status of the parties involved. However, divorce for couples later in life requires special consideration of certain financial matters that are especially pertinent for an individual who is nearing retirement. Texas readers may know that the divorce rates are decreasing overall, but the number of people ages 50 and up choosing divorce is increasing.
Financially speaking, the years leading up to retirement are a particularly inopportune time to end a marriage. At this stage in life, a couple is likely to have amassed valuable assets and a significant amount of savings as both spouses are preparing for a comfortable retirement. Divorce will require a division of these assets, which will likely impact future financial capabilities.
If an individual is considering a divorce later in life, it can be useful to carefully review one's entire financial situation before moving forward with the legal process. This should include consideration of years left until retirement, future earning potential, tax consequences, expenses and health care costs. This extra effort allows a Texas spouse to have clear expectations going into the divorce process, which may allow a person to avoid stressful and costly litigation.
For individuals age 50 and up, it is important to navigate a divorce with a strong future in mind. While the end of a marriage will certainly impact finances, it is still possible to secure a divorce settlement with retirement dreams still intact. It is useful to work with an experienced lawyer in order to protect financial interests and retirement savings during this time.
Source: usatoday.com, "Nearing retirement and thinking about divorce? What to consider", Arielle O'Shea, Oct. 15, 2016