Jamie Graham & Associates, PLLC

Strive for financial stability during and after a divorce

Statistics show that many Texas couples and others around the country over the age of 40 are deciding to end their marriages. In fact, the studies reveal that the divorce rate for couples over age 50 has doubled over the past 20 years. Divorcing later in life can raise a myriad of issues, including how to handle one's finances.

Since a divorce after the age of 50 can have a major impact on retirement savings, it is important to thoroughly evaluate all facets of one's financial situation. First and foremost, an individual should have a clear picture of the household's income and expenses. Understanding all the assets and debts is critical as well, especially if one spouse is primarily responsible for all the family finances.

As a divorce is underway, many questions will need to be resolved. One deals with where each spouse will live. If a couple owns a home together, decisions much be reached regarding who stays in the house and how ownership may be transferred. While many think keeping the home is a win in a settlement, it might not be a wise choice. Maintaining the home and making all the necessary payments on one income may be too much for a person to handle individually.

Health insurance coverage is important, particularly to those nearing retirement age. Medicare coverage is not available until age 65, so payments for an insurance policy should be included when setting up a budget. Also, depending on the length of a marriage, some spouses may be eligible to receive spousal Social Security benefits. If a former spouse had a retirement plan through an employer, a QDRO -- or qualified domestic relations order -- will be needed to appropriately divide the funds in a divorce.

There are many factors to consider in a Texas divorce, which can make the process rather complicated. An experienced divorce attorney can help someone navigate through the complexities of the process. A knowledgeable lawyer can discuss a client's specific needs and recommend how to proceed to achieve the best possible outcome.

Source: CBS News, "Divorce tips for financial security", Jillian Harding, Nov. 13, 2017

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At Jamie Graham & Associates, PLLC, we have received a variety of honors and awards for our family law services. Members of our team have been listed as Top Lawyers in San Antonio Scene magazine. We take pride in the number of positive reviews we have received from satisfied clients. On AVVO, a lawyer rating website, we have received an 8.9 rating overall and many positive ratings from clients and colleagues.

  1. Top 10 Attorneys | American Jurist Institute | 2017
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Jamie Graham & Associates, PLLC
310 South St. Mary's Street
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San Antonio, TX 78205

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