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Retirement and estate plans a growing concern in a divorce

A Texas divorce can lead to a litany of issues and concerns. For those who have significant assets, property division will inevitably come to the forefront. A growing trend is for people who are 50 and older to end their marriages. This can result in challenges with marital property and business assets and be the catalyst for disputes.

People getting a so-called 'gray divorce" should be cognizant of how this can impact finances and estate planning. A recent survey by TD Wealth shows that gray divorce is a rising concern with crafting an estate plan. As people get divorced and remarry, they may have a blended family and a different living arrangement than before.

The survey consisted of 112 people and was comprised of a wide array of experienced professionals in elder law, attorneys, wealth management experts, accountants, insurance experts and more. In the past, older people generally stayed in their marriages. That has changed. The number of people getting a gray divorce has doubled in the last 30 years. This is hindering retirement plans. For 7%, it affects how a power of attorney is granted; for 6%, it is impacting how Social Security benefits are determined; and for 5%, it influences the preparation of a will.

In a divorce, it is important to understand how to be fully protected. While older people will generally not need to be concerned about child support, alimony and property division can be critical. Other worrisome factors will include the estate plan. When older people decide to move forward with ending a marriage, having the advice and counsel of an experienced divorce attorney may be advisable.

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