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Disentangling assets can be challenging for older divorcees

Divorce can pose a unique set of concerns for spouses near retirement age in Texas. Since retirement can be associated with a reduction in income, even those with extensive savings may have particular challenges during a divorce. This is a major problem for many seniors as the divorce rate for couples over 50 has escalated continually since 1987. Indeed, one out of every four couples makes the decision to divorce after the age of 50.

Some particular concerns around divorce for couples over age 50 arise around retirement planning, asset division and other financial concerns. For many couples who divorce close to or after retirement, this separation can mean the end of a long-time relationship that is accompanied by equally complex financial arrangements and shared accounts. From life insurance, long-term care plans and Social Security benefits to investments, mutual funds, stocks, real estate, 401(k) plans and other retirement savings vehicles, there can be a range of different financial instruments that must be addressed in a divorce settlement.

Of course, these logistical challenges also accompany the emotional impact of divorce when couples make the decision to separate later than life. A separation can come as a shock to the family and broader social circle, especially when people have become accustomed to viewing the couple as one social unit over many years. Dealing with the emotional fallout of divorce can add extra stress for couples in this situation.

When couples of any age are dealing with significant resources and a high-asset divorce, a family law attorney could provide valuable legal guidance. A family lawyer may also work with financial advisers on the asset division and restructuring process so that clients can avoid excessive penalties and other financial losses as a result of divorce.

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