Many older couples may assume that their marriages will last. However, recent statistics show that some of the divorce rates are increasing. A Texas divorce later in life can have some serious implications in financial planning.
The National Center for Family and Marriage Research states that between 1990 and 2014, the divorce rate doubled for adults over 50. During that same time period, the rate tripled for adults over age 65. The rates are growing to the point where the trend is actually referred to as "gray divorce."
Those facing these circumstances will typically want to first determine if they can live on the assets they will have after a divorce is final. Financial experts suggest selling the family home since that's typically where a family's wealth is invested. It is also important to make sure any beneficiary designations are changed on retirement accounts. Finally, it is critical for everyone to understand financial basics. If one spouse had never handled the finances in the marriage before, it would be difficult for them to have that burden thrust upon them with no previous experience.
It is critical for anyone going through a Texas divorce to protect his or her assets and make sound financial decisions for the future. Many involved in divorce proceedings turn to an experienced divorce attorney for advice. A knowledgeable lawyer can help someone analyze a specific situation and determine the appropriate course of action to take. Strong counsel will act in the client's best interests to assist and guide them in the divorce process.
Source: CNBC, "Surviving divorce after 50", Katie Young, March 2, 2017