As a Texas resident who is navigating a divorce at a later stage in life, you may have certain matters you need to work through that younger people facing similar circumstances may not. At Fabio & Merrill, we understand that the older you are, the more assets you typically have amassed between you and your spouse. We also understand that couples navigating “gray divorces” may have more assets between them that they need to divide than younger couples, or couples who recently married.
According to Kiplinger, the number of people splitting from their spouses later in life is on the rise, with the divorce rate for couples over 50 doubling since the 1990s. Many divorcing parties who fall within this age range do not fully understand what will happen as far as their retirement and other accounts, and they sometimes find themselves in a difficult position when they realize they may have to share the assets inside them.
If you or your ex have pensions or retirement plans in place, you will need to secure a qualified domestic relations order, which is, in its simplest terms, a decree dictating that one spouse has certain rights to the other’s plans. If you or your spouse has an IRA account, meanwhile, you will need to take a different approach to dividing it, and this might involve determining how you plan to split it up in a separation agreement you can submit to an IRA custodian.
Regardless of how you ultimately divide your assets, know that many of the decisions you make in doing so will have significant tax implications. Furthermore, the more assets you have amassed during your marriage, the more you stand to lose, so dividing assets later in life is a process that requires careful consideration and attention. You can find more about divorce on our webpage.