At any stage of life, divorce can be stressful and carry with it financial ramifications that are felt by both parties. Divorcees who are of a more advanced age, known as “Grey Divorce,” “Diamond Divorcees,” and “Silver Splitters,” are not exempt from the financial-induced stress of a divorce. There are steps that grey divorcees in Texas can take to help them survive this change to their lives and enjoy their next chapter.
Know who owns what
Couples who have been together for a long time will have more assets that have been acquired during the course of their marriage. Because of this fact, a grey divorcee needs to know if they live in a state that recognizes community property or equitable distribution. This difference will decide who is granted which assets and who is responsible for any debt.
Retirement accounts can also be subject to court rulings. This is why working with an attorney to navigate a grey divorce is so paramount.
Manage expectations and become educated
Retired income is, typically, already limited, and when a divorce comes into play, it becomes even more limited. If one spouse has been primarily responsible for finances during the marriage, the other one may need to quickly become educated on how to manage monthly bills, budgets and other financial commitments. It is also crucial for both parties to taper their expectations as there will be less money for travel and other discretionary expenditures.
Being able to make adjustments to goals and time frames can be the difference in financially surviving a grey divorce and not being able to make it work. Flexibility includes waiting to retire, delaying applying for Social Security benefits, and possibly even moving into a smaller home.
An attorney who is well-versed in divorce law can help their client navigate the uncharted waters of a divorce, even late in life. This attorney can help their client gather information about assets that will be divided in the divorce and negotiate a deal that works best for their client’s future.