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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.

Plan ahead for better finances after divorce

Texas couples thinking about marriage may benefit by also thinking about divorce if they want to best protect their financial futures. With steadily high divorce rates, putting in place strategies for coping with a marriage ending seems just as prudent as having health or life insurance. For pragmatic couples, there are a number of tactics available to protect individual assets if divorce happens.

Managing finances after a divorce

Texas estranged couples will need to address a number of financial matters during and after a divorce. For example, if they owned a home, it will likely need to be sold or refinanced. There may also be a retirement account that needs to be divided. Certain types of retirement accounts require a document called a qualified domestic relations order to avoid taxes and penalties. People need to understand this and any other rules around the division of these accounts.

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