Jamie Graham & Associates, PLLC

How divorce after age 50 may affect finances

Planning for retirement is a task undertaken by many Texas residents and others around the country. Years and years are spent considering one's financial needs when the decision is made to leave the workforce after many years. Married couples certainly make these plans and decisions together. However, when a couple decides to divorce, retirement plans can potentially be thrown for a loop.

A certified public accountant and author references the term "gray divorce" to define those couples ending their marriages after age 50. She states that it is difficult for couples to begin having expenses for two separate households after taking care of finances together for so many years. A national research company reports that the divorce rate has doubled for those over 50 in the past two decades. Given this increase and the implications of divorcing at a later age, experts suggest working closely together to ensure that both parties come out of the split on solid financial footing.

In addition, couples whose divorces are already final may find it advantageous to visit the terms of the settlement during 2018. Changes to the tax law will potentially have a major impact on alimony payment and income beginning in 2019. Another area to consider in a gray divorce is Social Security benefits. Financial planners note that a person can receive benefits based on an ex-spouse's work record if he or she is age 62 or over and had been married at least 10 years, though certain restrictions apply.

Divorce proceedings can be complicated, no matter what the age of the couple involved. To ensure that all the details are addressed to one's benefit, it would be wise to contact a Texas divorce lawyer for assistance. A knowledgeable attorney will help clients navigate the complexities of a divorce and strive to achieve the best outcome possible in the proceedings.

Source: Chicago Tribune, "Gray divorce can have big financial impact", Ellen Ambrose, March 2, 2018

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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.

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Jamie Graham & Associates, PLLC
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San Antonio, TX 78205

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