Getting divorced in Texas can have serious financial consequences, not just emotional ones. The effects of divorce may be more pronounced for individuals who are 50 years old or older, as they have less time to bounce back financially from divorce. Fortunately, a couple of tips may help individuals going through a divorce at an older age, also known as gray divorce, to protect their financial best interests.
Financial best practices during gray divorce
An individual who plans to get divorced in their 50s or later would be wise to hire a financial planner right away. This expert can help the individual recalculate his or her retirement goal and then adjust his or her savings strategy. The individual getting divorced may have to delay retirement, get a brand-new job or make adjustments to his or her lifestyle to save money.
People who need more income after divorcing later in life but do not want to get new jobs may want to launch businesses instead by monetizing their special skill sets or gifts. Being an independent contractor or entrepreneur may offer tax incentives resulting in hefty cost savings. Generating more revenue through entrepreneurship may also make it easier to set money aside to secure one’s financial future.
How an attorney can help
One of the best decisions a person can make after deciding to get divorced is to hire a divorce attorney. A family law attorney in Texas can help an individual getting divorced make educated decisions about financial matters like asset distribution, debt division, spousal support and child support. The attorney will strive to ensure that the individual’s best interests and rights are protected at the negotiation table or in divorce court, if necessary.