Everyone has different priorities as they divorce. Those priorities depend in large part on age. For example, if you’re divorcing in your 50s or later, you’re likely going to focus on ensuring a sound financial future for yourself and being able to retire comfortably as you had always planned.
Even though Texas is a community property state and most of your and your spouse’s assets are likely jointly owned and acquired during the marriage, you still need to ensure a fair property division settlement. You’ll also need a fair division of your retirement savings.
Spousal maintenance
Further, it’s crucial to determine whether you are eligible to receive spousal maintenance (alimony) if your and your spouse’s income and/or earning potential differ significantly. Under Texas law, if the marriage has lasted for at least ten years, a spouse generally has an easier time seeking support than after a shorter marriage — if they don’t have “the ability to earn sufficient income to provide for…minimum reasonable needs.”
Social Security retirement benefits
If you’re getting close to or are in your 60s (even if you don’t plan to retire any time soon), you should consider how Social Security retirement benefits will factor into your financial future. You can start taking benefits (which are based on your lifelong earnings record) when you reach 62. However, the amount of monthly benefits you’re entitled to increases the longer you wait to start taking them – up to full retirement age, which is around 67 for most people.
You may have heard of Social Security spousal benefits. It’s important to know that if you opt to get those, which are based on your spouse’s earnings record, you can’t take your own benefits. Unless your spouse has earned far more than you over the years, you’re probably better off taking your own. It’s wise to learn more about how these benefits are paid and how much you’re estimated to receive even if you have some more years left before you’ll be collecting them at the SSA.gov website.
Finally, just as you and your spouse will have separate legal professionals representing you in your divorce, it’s smart to get your own financial, tax and other professional advisors as well. You’ll want people who have no shared allegiances and will provide support based on what is best for you uniquely as you prepare for this next phase of your life.