Texas readers may be interested to know that the common misconception that half of all marriages end in divorce was recently debunked. In fact, over the last few decades, the rate of divorce has been steadily decreasing. However, there has been one notable exception to this trend, though.
Since 1990, the divorce rate has nearly doubled for individuals over 50, according to a study by the National Center for Family & Marriage Research at Bowling Green State University. It’s often a time of peak earning years and also when an individual’s assets have been built up. Although the financial effects of divorce do not necessarily doom that sort of financial security, they can threaten it.
When divorcing, financial planners suggest that it is helpful to review one’s situation, possibly seek new sources of income, sometimes delaying the split in the interest of maximizing retirement benefits. Specifically, it is crucial to begin by evaluating all sources of income and all sources of expense. Exploring new sources of income may take the form of selling the house; others include renting out a spare room or even partaking of the gig economy by walking dogs, running errands or even driving for Uber.
When spouses decide to move forward with a divorce, conflict and emotional trauma can ensue, no matter one’s age but especially when there are children are involved. For this reason, it is prudent that any person considering divorce speak with an experienced Texas family law attorney. A lawyer can act to protect important rights while providing guidance and ongoing support during a challenging time.
Source: csmonitor.com, “Don’t let divorce wreck your retirement plans“, Arielle O’Shea, Nov. 11, 2016
