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Things to Consider for Divorce Over the Age of 50

 Posted on January 30, 2024 in Divorce

Fort Worth divorce lawyerDivorce is not a process people generally consider enjoyable to go through. Whether you have young children and need to figure out a custody arrangement, you have split under acrimonious circumstances, or you are worried that your spouse will somehow end up far better off than you and you will suffer financially. So many factors can influence how nerve-wracking a divorce can be.

The unique factors involved in divorce for people over the age of 50 might make them feel so pessimistic about possible outcomes that they prefer to remain stuck in an unhappy marriage rather than get entangled in a messy, risky process. A compassionate Dallas, TX, divorce lawyer can help you sort through your concerns and explain all the relevant factors to help you make an informed decision that serves your interests.

Four Financial Factors to Think About

If you consider divorce over 50, the financial issues will differ slightly. Because you will be nearing or past retirement age and all the financial implications related to that, the following are some factors you will need to take into consideration:

  • Alimony: This payment, officially called “spousal support,” can significantly impact your settlement. It is generally paid by the spouse who has earned more throughout the marriage to the spouse dependent on them financially. The point of alimony is to ensure that each spouse can cover their regular necessary expenses after the divorce. The specific amount depends on how long you were married and each spouse’s earning potential.
  • Division of property: Texas law follows a model of equitable division of property and assets, so the court will consider many things when deciding who gets what in terms of property. This is an area where a knowledgeable lawyer will be a great asset in protecting your rights.
  • Retirement accounts: Married people often make their retirement plans based on the assumption that they will still be married to each other once the plans become relevant. If one spouse had a generous retirement package from their work and the couple decided to both depend on and benefit from it, divorce can complicate these plans. Again, this is an area where an experienced attorney can be essential for you.
  • Insurance: Another area where divorce can confuse people’s finances is If their spouse’s insurance policy covers someone. Sometimes, the spouse enjoying the spousal coverage will have a grace period to decide where to get their policy. In other cases, it would be advisable for them to get their coverage as soon as possible. As always, this will largely depend on the couple’s circumstances. 

While all of these are issues that can complicate your divorce after a certain age, knowledge can truly be power, and coming prepared is a great way to ensure you are properly advocating for your best interests.

Contact a Fort Worth, TX Divorce Lawyer

If you are over the age of 50 and considering divorce, you might find yourself feeling overwhelmed and unsure. A knowledgeable Dallas, TX divorce attorney can passionately use their experience to advocate for your rights and interests. Please call Clark Law Group at 469-906-2266 so we can get started.

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