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Divorce later in life has financial consequences

Getting divorced in Texas can be a painful experience both financially and emotionally. However, a late-in-life split can be particularly challenging, as one may have less time to recover from his or her divorce-related economic losses. A couple of tips may help older individuals going through divorce in Texas to navigate the process effectively.

First, it is important to assemble a team appropriate to the circumstances. A team may consist of not only an attorney but also an accountant, financial planner and even a therapist. Financial experts are especially essential for those who are older since they likely have had many assets built up over the years. In addition, retirement finances can be tricky.

It can also be tricky to determine new living arrangements. One major area of contention is deciding which party will keep the marital home. Keeping the house may make sense emotionally since one has likely built up many positive family memories in the home. However, keeping the house might not be the wisest decision from a financial point of view.

Even though the emotions surrounding a divorce in the state of Texas can make the process seem overwhelming, an experienced family law attorney can help a divorcing individual to understand the process regarding asset division and property distribution. If possible, both parties may be able to find common ground during the divorce negotiation or divorce mediation process. If not, a judge can be asked to make important decisions regarding any material unresolved issues for the couple.

Source: cnsnews.com, "Keeping some green in gray divorce", Sarah Skidmore, Sept. 7, 2016

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