There has been a reported rise in baby boomers who are going through a divorce. This brings a whole host of complications that are unique to divorce cases. Many of these couples do not have children, and while those types of divorces can often be simpler to finalize right away, what does become more complicated is the issue of money.
Suffice to say, the older you are, the longer you have been working and saving your money. For baby boomers on the verge of retirement or already retired. Many of the disputes in baby boomer divorces revolve around money.
Find Counsel for Your Divorce Case
As Collin County divorce attorneys, we can provide you with the advice you need to help you through this process. We urge you to reach out to your financial advisors, tax specialists, business appraisers, and any other associates whom you trust, as this is an important part of the entire process.
Keep in mind these pieces of advice if you are a baby boomer going through divorce:
- Property Division. In Texas, all spouses who are divorcing are entitled to fair and equitable distribution of their assets and estate. This does not necessarily mean all of the items will be split down the middle 50/50. It is possible that the spouse who earned less during the marriage could actually receive more in the settlement.
- Insurance Benefits. Some insurance benefits will be valid for a certain period of time following a divorce. As we age, our dependence on health care is critical, and it can become costly without insurance. Find out how long your insurance benefits will last before making any decisions.
- Retirement Accounts. Do you have a 401k, IRA, pension, or Social Security? Depending on your particular retirement plan, some ex-spouse can still continue to receive the benefits. For example, many couples can still receive Social Security benefits after divorce. Be sure to check with your particular plans to check whether or not your benefits will continue.
- Alimony. Alimony in Texas is also referred to as “spousal maintenance” is not automatically granted. This will need to be worked out as part of your settlement terms. Based on the information provided, the courts will decide on the appropriate amounts to award. Even then, the courts only award alimony with consideration to very limited or extreme situations. We urge you to consult with our Collin County divorce attorneys to create a plan to make the most of the alimony benefits.
For more information and assistance with your divorce needs, contact Coker, Robb & Cannon, Family Lawyers today to request your consultation. We can familiarize you with the laws and what benefits you may be entitled to.