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Business Law
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FAMILY LAW

Later in Life Divorce

There’s no age limit on divorce. There’s no age limit, no cutoff date on the many reasons you may wish to seek one.

Divorcing later in life, however, does raise a set of particular issues and questions that loom large and will affect your future in ways not applicable to younger couples. These differences are important, vital to your future, and should only be addressed with attorneys with experience in ‘later life’ divorces.

If you’re a little bit older and considering a divorce, you’re not alone. According to a Bowling Green State University poll, the divorce rate for U.S. residents ages 50 and older has doubled in the past twenty years. As COVID ebbs, it shows no sign of abating.

Here’s what you need to know when considering a divorce:

 

Be ready to discuss alimony

Alimony is more commonly granted when the divorcing spouses have been together more than ten years. It will, then, be part of the discussion. Whether you expect to pay alimony or to receive it, it’s best to prepare from the outset while exploring the role these payments will play in your future plans.

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Examine your retirement options carefully

Retirement funds and assets can be split evenly in Texas. The consequences are as obvious as they are sobering: your retirement may be cut in half. It is crucial to collaborate with attorneys who can and do collaborate with accountants or financial advisors to fully explore and understand the tax implications of any decision you might have to make as your matter moves forward.

 

Don’t count out your kids

Your children may be adults, which doesn’t mean a divorce won’t still affect your relationship with your children – personally and financially. If, like many parents, you and your spouse are supplying financial support for an adult child, you’ll need to discuss how that support will continue after the divorce.

Most importantly, though, regardless, you need to be prepared to talk to your kids about the divorce and its implications for the future.

Talk now. Putting it off will only create rifts where there didn’t need to be any.

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Update your estate plan

The odds are astronomically high your current estate plan includes your spouse in many roles. Heir, executor, personal representative, or more. It is vital that this is corrected as soon as possible – probate courts are filled with cases that have ground to a halt because of this [very] basic mistake.

 

Contact Us

The lawyers at Hopkins Centrich Law have experience with every aspect of later in life divorce. We also know to always ask about your estate plan, then aid with coordinating every change needed.

These general guidelines can help you start thinking about the implications of the separation. For answers to specific questions, contact us.