An increasing number of divorces occur for those aged 50 and over in the United States. The cause for the growing number of older, married couples severing ties varies. Some reasons include: people now live longer, so we see more divorces filed; or children grow up and move out from home, and the parents realize their kids bonded them together and husband and wife opt to go their separate ways.
But no matter the reason, Federal statistics illustrate women who divorce later-in-life take a greater financial hit than their male counterparts. Post-divorce household income drops around 25% for men whereas it drops over 40% for women. An informative article published by Forbes reports that later-in-life divorcees can secure their financial future as long as there is a careful consideration of some basic “dos and don’ts.”
Financial Tips for Those Facing Divorce
Here are some action items for post-50, soon-to-be single women to consider in order to protect and maintain their financial security.
· Do make a plan. Be sure to map out your money plans. Talk to a financial professional and your divorce attorney to determine your post-divorce finance plan in order to create an adequate settlement.
· Do organize all your records. Copies of all key financial documents should be made and organized. Examples of such documents include: tax returns, loan documents, wills and trusts, banking and financial statements, property deeds, credit card statements and insurance policies. Access to these documents will expedite the process for your legal team and assure proper ownership and reimbursement as necessary.
· Do keep track of debts. Texas, in addition to eight other states, is a community property state. When it comes to money owed, you are responsible for half of your spouse’s debt.
· Do photograph and document household goods. This provides documentation of any potential hidden assets.
· Don’t keep the house for sentimental reasons. As difficult as this can be, hanging onto a home that requires expensive upkeep and incurs high tax rates ends up creating a financial drag.
· Don’t forget about tax consequences. Your divorce attorney and financial planner can shed some light on the different tax consequences that may loom after the divorce.
· Don’t forget about health insurance options. Consider your cost and coverage options now, so you have time to plan before the divorce is finalized.
Each divorce matter is unique. Each couple’s financial circumstance is one-of-a kind. Thus, it is imperative to seek out the assistance of an experienced legal team to ensure a just outcome.
Houston area Divorce Attorneys
At the Law Office of Lori Elaine Laird, PLLC, we are experienced in all aspects of Texas family law, including divorce solutions.
Unfortunately, separating spouses, regardless of age, do not always see eye to eye. They do not necessarily invoke the Golden Rule. Let us represent and advocate on your behalf so you may move on and enjoy your future.
Our attorneys understand the emotional turmoil associated with divorce. We aim to ease these stresses and work to ensure your security. Our practical advice and aggressive advocacy protect our clients’ interests.
If you would like to discuss or have questions regarding divorce or any family law matter, contact the Law Office of Lori Elaine Laird, PLLC today at 832-699-1966.