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What you need to know about gray divorce

| Feb 23, 2021 | Blog, Divorce |

Texas is a community property state, which means that joint assets are typically divided evenly in a final settlement. If you are over the age of 55 at the time of your divorce, there is a good chance that you’ll be splitting a relatively large estate with your spouse.

Retirement accounts are subject to property division rules

Retirement accounts are typically considered joint assets even if one person’s name is on them. This means that you could lose half of a 401(k), 403(b) or IRA even if your spouse did nothing to help your savings grow. There is also a chance that you’ll need to cede a portion of a defined pension benefit in a divorce settlement.

What will happen to the family home?

You have the right to seek sole ownership of a family home after your marriage comes to an end. However, in most cases, the home gets sold to the highest bidder at some point after the divorce becomes official. The proceeds from the sale are typically split in an equal fashion even if your name wasn’t on the deed to the home.

Private agreements can override state law

A prenuptial, postnuptial or similar type of private agreement may allow for the creation of custom property division rules. If you have a minor son or daughter with your former spouse, a judge will need to approve a parenting plan before it can go into effect.

If you’re planning on ending your marriage, it is typically a good idea to speak with an attorney. He or she may be able to help you retain ownership of your business, obtain spousal support or keep the family home as part of a final settlement.