One of the most complex aspects of a divorce is how ending the marriage will impact a Texas spouse’s financial future. These are particularly pressing concerns for those who are nearing retirement age. A gray divorce can bring serious and sometimes negative financial implications for an older adult, but there are steps you can take that will lay the foundation for a strong future.
Divorcing after a long marriage can affect retirement savings and investment strategies. It can leave you wondering if it will be possible to retire at a specific age and if you will have to adjust your plans for your golden years. Having a plan before you move forward with the divorce process can help you make prudent choices that will allow you to have a strong and stable future.
What steps should you take?
Preparation can be the key to a strong divorce order. Gray divorce can bring a lot of financial changes to your life, but looking ahead can help you navigate this process with intention and your future interests in mind. Some of the steps you can take to prepare for the future include:
- Plan for how you and your spouse will want or have to divide your marital assets.
- Create an inventory of all of your assets and accounts, including long-term savings and retirement funds.
- Find documents that could be important for your divorce, including a prenuptial agreement if you have one.
- Get appraisals of valuable assets, such as cars, homes and collectibles.
- Consider potential changes to lifestyle you may have to make and create a post-divorce budget.
- Consider how you may have to change retirement plans or adjust the date you plan to stop working.
- Think about children or grandchildren you may have to care for and account for that when pursuing a divorce settlement.
These steps can help you be intentional about seeking a fair and reasonable divorce order, including terms that provide you with long-term stability.
The long-lasting impact of divorce
The choices you make during your divorce matter. It’s not always easy to see past your temporary emotions or know what is truly best long-term. This is why you will find it beneficial to work with an experienced family law attorney committed to your interests and rights. Gray divorce is complex, but you do not have to take one step of this process alone.