No matter what age people are when they get divorced, the process can be equally daunting both emotionally and financially. However, people who divorce later in life face unique challenges when compared with their younger counterparts in Texas. Here is a look at how individuals who are ending their marriages at older ages may want to approach specific divorce matters.
For starters, an older couple who are getting divorced and own a home together will need to decide how to address this asset. The home will probably end up being sold, with the proceeds being split between the two of them. However, in some cases, one spouse may want to keep the home. In this situation, it is important to consider the costs and tax implications associated with keeping the home long-term.
In addition, two older spouses’ retirement accounts will likely end up taking a major hit if they get divorced. This is because their financial planning up to their divorce date was intended to cover one household’s living expenses, not two. As IRAs and 401(k)s will have to be divided between the two parties, the two individuals may need to work longer before retiring to make up for the amount of retirement savings they will lose as a result of the divorce proceeding.
Finally, although spousal maintenance is usually short-term for younger divorcing couples, it is typically long-term for older divorcing couples. This can be a benefit for the recipient, and it may be a burden for the spouse making the maintenance payments. An attorney in Texas can help a divorcing individual to explore all of his or her options before making decisions regarding the above-mentioned divorce issues. The attorney’s chief aim is to make sure that the client’s rights and best interests are protected both short-term and long-term.