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Posts tagged "gray divorce"

Getting Remarried In Your 50s Or Later? You Need A Prenup.

Getting remarried is a time for celebration, but it also requires you to carefully think through many issues. How difficult was your divorce? Why did the marriage go wrong? What is your financial situation like now? You plan for this one to last forever, but you are older and wiser now. Is it better to be safe than sorry?  Are you willing to bet half of your assets that this marriage will last on "til death do you part?"

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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