There is one age group in Texas and beyond that has been filing for divorce at a greatly increased rate over the past two decades. People who are ages 55 and older are in this group, and many of them have determined they would rather start afresh on their own in life, even at an older age, than stay in unhappy marriages. Property division is often a complex topic in later-in-life divorces, especially regarding taxes and Individual Retirement Accounts.
Most couples today likely understand that the happily ever after in a marriage may not be attainable. For those couples who come to the realization that a marriage is no longer sustainable, there are many questions about how an impending divorce may affect future retirement plans. Texas residents who are preparing for a divorce while looking to save their retirement dreams may place an added emphasis on the property division aspects of their proceedings.
In a marriage, couples usually have a system for meeting financial goals. In the aftermath of a divorce, figuring out how to set new financial goals may take significant effort when working with limited resources. Though Texas is a community property state, along with negotiations over property division, there are several strategies that can be implemented to achieve financial security.
A divorce can be draining -- emotionally, mentally and financially. While it is unhealthy to remain in an unhappy marriage, entering into the property division proceedings without a clear plan for the future can threaten financial stability. Texas residents who are contemplating a divorce may wish to make preparations ahead of time.
Women often find themselves choosing to remain in an unhappy marriage rather than face financial hardship. Those who sacrifice their careers to raise a family, often find it difficult to re-enter the workforce. As a result, these Texas residents are understandably concerned about how the division of marital assets would impact their financial future if they choose to file for a divorce.
Couples who realize that a marriage is no longer sustainable often seek separation before they begin divorce proceedings. Those who have initiated those proceedings may believe that property division agreements only apply to those assets that were jointly owned during the time of their co-habitation in marriage. However, depending on the circumstances and Texas laws, assets that were acquired during a separation will likely be included.
The process of going through a divorce includes critical decisions that may impact one for the foreseeable future. If, during the divorce proceedings, one or the other spouses loses a job, then there will be concerns over property division. Texas residents who are preparing for a divorce may benefit from keeping all possible scenarios in mind.
The decision to divorce was probably made after much careful consideration. Likewise, when it comes to the property division settlement, Texas residents are encouraged to approach this process carefully. Though this is a community property state, the division of certain assets can quickly become complicated.
During a divorce, it is easy to lose track of details that need to be addressed later. Forgetting to tend to some important housekeeping duties could mean that one is not complying with the property division agreement. Texas residents may benefit from reviewing their estate plans to ensure they are in agreement with a divorce settlement.
While the overall divorce rate has purportedly declined, the same cannot be said for those aged 50 and older. Though there may be a variety of reasons for a couple to seek a divorce, the property division for those nearer to retirement age becomes more challenging and critical. Texas residents who are facing this prospect may have several concerns regarding their finances.