When couples in Texas get divorced after the age of 50, there are different concerns that they may have than if their marriage was dissolving in their younger years. Instead of providing for the children, the primary issue is whether a spouse can retain adequate assets to support him or her in retirement. As a result, proper planning and sound decision-making are critical during the divorce process.
The key is to know exactly what is in the marital estate and what will be necessary to maintain a post-divorce lifestyle and retirement. The first step is to make an inventory of marital assets and also figure out what the other spouse may consider being his or her portion of the marital estate. Also, take steps to learn the proper valuation of this property to ensure a level playing field in the negotiations. If the divorce is expected to be contentious, consider aggressive measures early in the process to protect marital property.
Then a person must weigh what he or she expects to obtain from the divorce and compare it to his or her future needs. This can include one’s immediate needs after the divorce as well as retirement. A person should be aware that any choices that are made now will directly impact his or her ability to reach his or her future financial goals. While it is acceptable to compromise, one must be sure to protect him or herself and his or her future.
Hiring a divorce attorney is an essential part of a gray divorce. Given that retirement is looming in the future, this type of divorce will largely be about property division as opposed to custody. A lawyer may assist his or her client by negotiating the divorce agreement. A legal professional might also sit down with his or her client and learn more about that person’s financial needs so that the client can conceptualize how the financial arrangements of the divorce will affect him or her in the future.