Like many others in Texas, you are likely looking forward to your retirement and your post-career life. You may have plans for your retirement years, yet a later-in-life divorce may cause you to feel like your plans have to come to a halt. While your divorce will certainly bring financial changes to your life, you can still hold on to your goals for your future.
Gray divorcesinvolve couples who are 50 years of age and older. These individuals are closer to retirement, which means that the financial stakes are high. There is less time to financially recover after divorce and earn more money, and property division will likely require the couple to split long-term savings accounts that they had for years, or even decades. If you face the prospect of a gray divorce, you do not have to walk through it alone.
What can you do to protect your future?
A gray divorce may seem like an ominous prospect for your long-term plans, but in reality, you can still emerge from the process with your future intact. When there is a lot on the line, it can be beneficial to be thoughtful and cautious as you move forward, thinking carefully about the implications of your choices. Some of the things you can do to be intentional about your future interests include the following:
- Refuse to allow emotions to do the talking: Your temporary emotions should never be the motivation behind a decision that could impact your future. This can lead to unfair and unbalanced final divorce orders.
- Consider the tax consequences: Retaining certain assets and even spousal support could have a direct impact on your post-divorce liability. Consider how much you may have to pay in taxes before you agree to terms.
- Prepare well and gather paperwork: It can be difficult to plan for a divorce after decades of marriage. You can save yourself time and some stress by preparing for the process ahead and gathering all necessary paperwork.
Many people facing the prospect of gray divorce find it beneficial to seek guidance as they navigate the complex property division process.
Keeping your dreams in place
A gray divorce may require an adjustment to your plans, but it does not mean you cannot go on to enjoy your retirement and golden years. It may be beneficial to first reach out to an experienced family law professional who will listen to your goals and help you pursue a post-divorce future that is strong, stable and financially secure.