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How divorce can impact people's finances when they are older

The divorce rate for people who are older than 50 in Texas has dramatically increased since 1990. Since that time, the divorce rate for older adults has almost doubled. People who are older and want to file for divorce should take some time to figure out how the end of their marriages might impact them financially.

When people get divorced after age 50, they may have trouble retiring when the time comes. People who divorce will need to divide their marital assets, including money that they have saved in their retirement plans while they were married. This may make it much harder to retire on time, forcing people to remain in the workforce far longer than they planned.

People who get divorced may also find that they have greater expenses on half of the income to which they used to be accustomed. Before filing for divorce, people might want to talk to financial advisers about how their divorces might impact them financially. This might help them to understand what to expect and determine whether they want to move forward. Since the tax reform bill was passed, alimony payments will not be deductible beginning in 2019. This might mean that people may want to try to renegotiate their previous divorce settlements.

In addition to talking to financial advisers, people may also want to get help from experienced family law attorneys if they decide to proceed with their divorce plans. Lawyers may work closely with their clients to help them avoid potential financial mistakes when dividing their assets. The attorneys may negotiate with their clients' spouses to try to secure agreements that are reasonable and fair. Lawyers may also help their clients understand the potential tax and other consequences that different division scenarios might bring.

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