Keeping proper records related to retirement funds and beneficiaries is important because if you are in your late 40s, you may already have several different retirement plans of which you must keep track. If you are going through a divorce, there might be significant amounts at stake, and your financial future could be in jeopardy if the division of retirement accounts is improperly handled.
If you are 50 or older and moving toward a divorce, it is likely that you have asked yourself this question. Divorce at any age will have a significant financial impact, but it is particularly complicated for those close to retirement. Since the financial matters at stake in what is known as a "gray divorce" could have an impact in the immediate future, you need an experienced, aggressive Texas attorney by your side.
In a community property state, such as Texas, all marital assets are split 50/50 at the time of the divorce. While many people think they understand what this means, most don't consider some very important aspects of marital law that can affect their retirement in a potentially major way.
When a couple with high-value assets decides to divorce, each spouse has a lot to lose. Often one of the primary considerations is how the end of the marriage will affect retirement plans.
Texans involved in a divorce may find themselves more preoccupied with issues of complex asset division and property interests than with Social Security benefits. Still, it's important to be aware of one's right to claim benefits on an ex-spouse's Social Security earnings as there can be a significant advantage to claiming benefits on the record of a spouse who was the higher wage earner.