Divorcing After 50
What are the consequences of divorce for Retirees?
Legal fees associated with divorce can dramatically diminish savings. To add insult to injury, people who divorce after 50 don’t have as much (if any) time to rebuild their nest egg. The Texas Family Code says all assets purchased or acquired during marriage are presumed to be community property, subject to a just and right division. This includes retirement assets. Unfortunately, splitting assets to support two households after a divorce, can force one or both spouses to put retirement plans on hold.
How can you avoid the devastating financial effects of divorce after 50?
- Seek guidance from legal, financial and tax experts.
- Seek spousal maintenance, where eligible.
- Claim social security spousal benefits.
- Claim surviving divorced spouse benefits.
- Know your estate and provide info to your beneficiaries.
- Adjust to your new normal.
It’s not all doom and gloom. Wealth can be a deterrent to divorce. Those with more resources frequently have more options like marriage counseling or building essentially separate lives. Experts also find that the absence of financial woes can keep a less-than-ideal marriage viable. Nonetheless, if you find yourself facing divorce after 50, you’ll want a lawyer who understand the delicate intricacies of divorce for people nearing or in retirement.
Call us at (713) 333-4430 or complete the contact form to the right to learn more about the ramifications of divorce after 50 and how to avoid them.