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Posts tagged "finances"

Issues in gray divorce

The aging of our population has created an interesting phenomenon in family law, the rise of the so-called gray divorce. Divorce has become increasingly common among empty nesters and people reaching retirement age. While a split can be challenging at any age, older couples face a variety of issues that their younger counterparts need not worry about. Any Texas resident divorcing after age 50 should keep these issues in mind.First, consider your plans for retirement. Pension and 401(k) benefits are marital property and are subject to asset division in divorce. The closer you are to your planned retirement date, the more difficult it will be to replenish those funds. Also, consider the impact of divorce on your social security benefits. Social security cannot be divided in divorce, but it can be used to offset other assets or earnings. Another consideration is what would happen if one spouse were offered an early retirement package or cash buyout in lieu of a traditional pension benefit. How would that money be divided?

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Gunnstaks Law Office
5601 Granite Parkway, Suite 350
Plano, TX 75024

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Phone: 972-590-6572
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