Divorce will have a significant financial impact on a Texas couple. The two spouses will have to divide marital assets, and this likely means retirement and long-term savings. Property division is one of the most important aspects of divorce as these decisions can affect the rest of a spouse’s life. This is why it is crucial to be prudent and careful when negotiating terms and agreeing to a settlement.
This is especially true in a gray divorce, which is a divorce involving two people who are age 50 and up. When a spouse is closer to retirement age, the financial impact of divorce is particularly significant. Dividing marital assets can reduce what an individual will have for his or her golden years. This may require a spouse to adjust plans and expectations for the future, such as when he or she may want to stop working.
The emotions brought about by divorce are strong, and Texas spouses may find it difficult to work together to reach a beneficial and reasonable settlement. However, emotions are not necessarily the best indicator of what will work well in the future. It may be necessary to set temporary feelings aside and consider what makes the most sense in terms of long-term security and financial stability.
Terms of a property division order matter, especially in terms of retirement savings. Making rash decisions in order to speed the divorce process along may result in a final order that is not truly fair or sustainable. Thinking long-term can help a spouse keep the focus on future well-being and financial security long after the divorce is final.