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Financial considerations for older women getting Texas divorce

Monday, July 16, 2018

Many women who choose to end their marriages later in life often find themselves unprepared for the changes in their financial situations. According to a survey by a retirement investment company, the majority of women responded that they experienced financial difficulties when going through a Texas divorce or one elsewhere in the country. Experts stress the importance of women being involved in the economics of a divorce.

The survey analysts acknowledge that women over 50 today are more wealthy, healthy and educated than ever before. Therefore, it is critical to get appropriate advice when starting divorce proceedings. A variety of professionals can provide guidance to someone contemplating divorce, such as attorneys, accountants, insurance agents, realtors and therapists.

If a couple has children, it would be beneficial to address child custody issues early. Custody battles often become lengthy and contentious. Analysts also recommend having meticulous documentation for both spouses. In order to properly distribute assets and address debt, financial documents for all accounts are essential. Account information is necessary in evaluating the need for alimony.

The study also detailed some of the reasons that women seek divorce after being married for a long period of time. While some women had simply been waiting for children to get out of high school, others cited infidelity as the reason to end a marriage. In some instances, abuse was mentioned as the cause.

Whatever the reason for a Texas divorce, it is vital to protect one's interests in the legal proceedings. It would be helpful to have the assistance of a knowledgeable divorce attorney. An experienced lawyer can guide a client through the legal process and help develop a plan to achieve a favorable outcome.

Source: foxbusiness.com, "Biggest mistakes older women make in divorce", Casey Dowd, June 4, 2017

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