How Divorcing Senior Citizens Can Protect Their Financial Interests
The divorce rate for individuals over the age of fifty has doubled since 1990. An average divorce in Texas costs approximately fifteen thousand dollars and takes an average of twelve months to conclude. The high cost of divorce often tempts divorcing seniors to look for lower-cost alternatives to hiring an experienced divorce attorney. However, if you are facing divorce and have accumulated assets, including real estate, motor vehicles, retirement savings, and other assets, those assets are at risk. An experienced divorce attorney can help you protect your future and help to make asset and debt division fair.
When seniors are going through a divorce, they can be in a financially vulnerable position because they are approaching the age of retirement. As adults approach retirement, they might not understand how to survive on their savings, retirement accounts, and social security once they stop working. If you are considering divorce or if you have been served with divorce paper, it is very important that you educate yourself about the true costs of divorce, including your future financial life. You must also begin planning so that you can avoid some the financial struggles that people face when they are going through a divorce.
It is crucial for people going through a divorce to properly estimate the costs of living on one income. It is very important to have a realistic idea of your living expenses after the divorce. This includes spousal support, child support, child college costs, and other post-divorce expenses. Online research may help your attorney understand your legal obligations and what money you should receive as part of the divorce. It is important to understand the true living costs as you move forward with your divorce. You might have to reexamine your needs to determine your best interest. For example, can you afford the monthly car payments on the motor vehicle that you and your spouse own? Can you afford to pay the mortgage on the family home? Many divorcing spouses choose to negotiate a payout on depreciating assets like automobiles while negotiating to keep appreciating assets like a home. Your divorce attorney can help you or recommenced financial planners to help you make these important decisions.
During the divorce process, you will have to make important financial decisions when dividing assets that do not split without incurring tax or other consequences. Your divorce attorney can recommend a tax professional during your divorce to help you make informed decisions about dividing assets between yourself and your spouse.
It is important to assess the cost of dividing up the family debts and assets fairly in order to protect your financial future. You will need to provide financial records to your divorce attorney and to other professionals like financial and tax advisors, so they can help you during the divorce process. When you take the time to gather and organize all of your financial records will help you understand where you stand financially so that you can make the right moves before, during, and after a divorce.
If you have questions about the divorce process in Texas, call Family Law Attorney Alex Tyra today, at (903) 753-7499.
The Law Office of Alex Tyra, P.C.
211 E. Tyler Street #521
Longview, TX 75601
(903) 753-7499
