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Divorce can impact one's financial health

Getting divorced can impact not only a person's emotional health but also his or her financial health. According to new research, this is especially true for those who are females of older ages. Research shows that nearly 20 percent of people in America, including Texas, are working past age 65 -- two times the rate witnessed during the early 1980s. Part of the reason why more older individuals are working today is because of divorce.

Fewer younger people are getting divorced today, while divorces among people who are over 50 doubled between the years of 1990 and 2010. Unfortunately, the price tag of divorce can throw a wrench in a person's timetable for retirement, forcing a person to remain in the workforce for more years than expected. In addition, women who get divorced when they are in their 50s have greater chances of having to work full time during their 50s, 60s and 70s.

Part of the reason why divorce can be costly financially is that people have to divide homes and other assets. In addition, mothers who are getting divorced usually seek to own the family home, and to do this, they typically give up retirement assets. While more than 11 percent of divorced men over 50 years old are living in poverty, the rate is as high as 27 percent for women.

When going through the process of divorce, an understanding of one's rights is critical when it comes to fighting for one's fair share of assets. Appropriate legal guidance may help individuals to pursue outcomes that are in their best interests financially over the long term, considering their unique circumstances. If negotiation or mediation is not possible with a future ex-spouse, then a judge will ultimately make the decisions regarding how a divorcing couple's assets are to be split in Texas.

Source: barrons.com, "Divorce Takes a Toll on Wealth", Steve Garmhausen, Oct. 19, 2016

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