Divorce is difficult at any age for Texas residents, but for couples over 50, the end of the marriage can be even more challenging, particularly when finances are concerned. With gray divorce rates climbing steadily, many long-term older couples discover that they must make major adjustments to their standard of living as they adapt to life post-divorce.
Making financial adjustments is a necessary aspect of gray divorce
As older couples seek to dissolve their marriage, they will encounter financial challenges that might be somewhat different from younger couples. For example, the spouses are both much closer to retirement or are retired already, which means that their plans for this stage of life often need to be changed. So older couples need to go into their gray divorce settlement negotiations with a clear idea of what they want their finances to look like after the divorce. This means carefully considering how they will need to adapt their standard of living and what things they might have to give up to be financially stable once the divorce is final.
The divorce settlement negotiations
The divorce settlement negotiation process might also bring some surprises to older residents, particularly if they were not as actively involved in managing the couple’s finances. Some of the things they need to consider and investigate include:
• Hidden assets and debts
• The pros and cons of keeping the family home
• Dividing pensions and retirement accounts
• What they must keep versus what they are willing to give up
• How they will support themselves after the divorce
• A realistic budget for life after the divorce
With careful planning, preparation and a support team, crafting a financially stable future is possible. Be clear about what you need moving forward and be flexible about how to get there.