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Planning for the future after a 'gray divorce'

Older Texas couples considering divorce may be particularly concerned about how ending a marriage later in life could affect future retirement. No matter a person's age, divorce can be an emotional and financial challenge. While custody and child-rearing are often the biggest issues for younger ex-spouses, divorce presents its own challenges for older couples. It's especially difficult for those who have been married for many years and have deeply intertwined finances.

Even as divorce rates overall have remained flat, separations have risen considerably among Americans age 50 and older. These "gray divorces" have major ramifications on retirement planning. Of course, it is always more costly to live as two households on the same income that was planned to sustain one. However, financial planning can help older Americans to emerge from divorce successfully.

Some people may feel like they have to maintain an image of wealth and well-being before their friends and family, especially during a high-asset divorce. However, it's generally better to focus on saving and planning for the years to come. In addition, it's very important to have all of the financial paperwork in hand. Going through a divorce is a legal process, and documents like tax returns, retirement fund statements and insurance policies can be key to the asset division process.

When a couple decides to divorce later in life, they could make significant changes to a lifestyle they have lived for years. The financial aspects can be particularly concerning among couples who have accumulated a lifetime of assets. A family law attorney can help a divorcing spouse of any age achieve a fair settlement on issues like property division and spousal support.

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