It is reported that the number of older people in Texas and other states that are choosing to end their marriages is rising. Deciding to divorce after the age of 50 brings a number of additional concerns. While the financial toll can be significant on both parties, women may be more seriously affected. Unfortunately, gray divorces are sometimes ruled by emotions and the need to get the proceedings over and done with as quickly as possible,
However, plans must be devised to ensure financial security later in life. It is not uncommon for one spouse to hide assets, and it may be a good idea to seek the services of a forensic accountant along with an experienced divorce attorney. These professionals can provide valuable advice related to the securing of financial information and methods to record the existence of assets in the unfortunate event that some are being unlawfully withheld.
Many older women — and also some men — gave up careers years earlier to take care of children and households, without reestablishing a career after their children were grown up. They have a lower number of years available to regain financial security and may need financial support. Those who are awarded spousal support may want to have the security of an insurance policy to cover payments in the event of the ex-spouse becoming disabled, unemployed or deceased. Such a policy can be taken out and paid by the spouse receiving support, and can be owned by that person.
There are also tax implications in divorce and asset division that may need to be clarified. Divorce is an challenging process at any age, but a gray divorce can be particularly difficult. For this reason, many individuals in Texas who decide to divorce after the age of 50 choose to surround themselves with professionals to guide them through the proceedings in a manner that will protect their interests. With skilled advice, based on the client’s unique circumstances, post-divorce financial security may be achieved.
Source: U.S. News & World Report, “Gray Divorce: What Women Who Divorce Later in Life Need to Know”, Debbie Carlson, July 21, 2016