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Divorce after age 50

Many Texas residents who are in their 50s are earning the highest incomes of their careers and saving money for retirement. If they go through a divorce at this time of life, the divorce settlement could threaten the financial security that they worked to build. Although divorcing shortly before retirement can be complicated, it is becoming increasingly commonplace.

A study by researchers at Bowling Green State University showed that divorce rates among couples over the age of 50 has doubled since 1990. At the same time, divorce rates among people in other age groups has been going down. While child custody may not be an issue, people that are divorcing after age 50 usually have a lot of things to negotiate such as the division of retirement accounts, who gets to stay in the marital home and orders for spousal support.

People who are going through a divorce later in life may want to assess their expenses as a single person and reevaluate their retirement plan. It is common for a person's income to decline after a divorce, so downsizing is usually a better plan than trying to keep up with the cost of maintaining the marital home. Before filing divorce paperwork, an older person may want to think about the best timing for a divorce by considering retirement issues.

When older couples divorce, they usually have more complicated property division issues than their younger counterparts. A family law attorney can often be of assistance to a client in negotiating a comprehensive settlement agreement that covers retirement accounts and other valuable assets.

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