Divorce is costly at any age, and statistics show that more and more older adults are divorcing. The divorce rate for people age fifty and over has doubled between 1990 and today. The average Texas divorce costs nearly sixteen thousand dollars and takes a little over a year from start to finish. While the high cost of divorce may tempt some divorcing seniors to search for a lower-cost alternative to hiring a Texas family law attorney, that is not an advisable path to take because it could cost you much more in the long run.

Older adults who are divorcing are often in a financially vulnerable position. More and more adults are nearing retirement without knowing how they will survive on the retirement accounts, social security, and other financial resources that they will have available to them once they stop working. If you are divorcing or you are thinking about divorcing, it is essential that you educate yourself about the costs associated with divorce and plan accordingly. With careful planning, you may be able to avoid some or all of the financial struggles that many who are divorcing encounter during and after their divorce.

One area where many divorcing people of all ages often encounter difficulty is in estimating what it will cost them to live separately. Before you divorce, it is critical that you have a realistic idea of what it will cost you and your spouse to maintain separate households. Researching what it will cost you to live on your own is not an easy or pleasant task, but having an accurate grasp of those numbers will help you move forward successfully as you pursue your divorce. You may have to reevaluate what it is that you need and what things you and your spouse pay for now that you could go without to enjoy greater financial stability during and after your divorce.

During your divorce, you will face decisions that affect your finances, especially when it comes to dividing assets. Some of the assets that you have, like IRAs, do not split as easily as other assets without incurring tax or other consequences. Your family law attorney may suggest that you consult with a tax professional or financial advisor during your divorce because those professionals can help you make well-informed choices about how to divide your assets between yourself and your spouse.

Both assessing what it will cost for you to live by yourself and making decisions about how to split your debts and your assets involve looking through your financial records. You’ll need to provide those records to your attorney and to other professionals like tax or financial advisors who help you with your divorce. Taking time to locate and organize all of your financial records will help you with both of the tasks mentioned above, and it will give you a good understanding of where you are at financially so that you can make plans to get to where you are going.

If you have questions about divorce in Texas, call Texas Family Law Attorney Alex Tyra with your Texas divorce questions today, at (903) 753-7499.