The end of a marriage brings many significant changes in life, including personal finances. Regardless of how amicable a Texas couple is or how much wealth they have, property division will affect all aspects of their financial lives, including long-term savings. A divorce could end up decimating retirement savings which is why it is beneficial to give careful consideration to any choices made during this process.
Retirement is an especially important consideration when both parties are age 50 and up. Gray divorce involves two people who are approaching retirement age, and the terms of their property division order may impact their plans for the golden years, when they stop working and pursue other goals they have. Studies find that over half of the households that go through a divorce are facing financial risk during their retirement.
Property division requires the two spouses to get a share of assets accumulated over the course of the marriage, including long-term saving accounts. Sometimes, assets have to be sold and the profits divided, and in some cases, Texas couples are able to negotiate an agreement that works for their individual needs and objectives. When doing this, it is prudent to avoid allowing temporary emotions to guide the decision-making process.
The terms of a final divorce will have an impact for years to come. This is why it is helpful to have experienced guidance during the property division process. With help, an individual facing a gray divorce can secure an agreement that will provide the opportunity to look at the future with confidence regarding personal financial stability.