Whether you have been married for several months, or several decades, no one gets married with the idea that his or her union will end in divorce. Nonetheless, divorces can happen at any length of marriage, even when a couple is close to retirement age. Thus, based on the age of the spouses, some divorcing couples in Texas and elsewhere have to deal with more complex problems than others.
Reaching a property settlement during dissolution is not always an easy task to complete. Oftentimes, property division is the most contentious divorce issue, causing some divorces to drag on due to spouses battling over certain assets or properties. For couples 50 and older, this means sorting through years of property accumulated before and after the marriage, causing some difficulties when it comes to determining what is separate property and what is marital property.
However, even when couples can reach an agreement when it comes to who gets what, one should not forget to consider the costs that come with ownership of certain properties, especially when it comes to tax issues. Taking this into account could create a significant imbalance in a property settlement.
Thus, spouses should ensure that they understand the financial implications that come with ownership of a home or certain investments. Additionally, how property is divided can also impact the amount of spousal or even child support, if the couple still has young children, being paid.
Because financial implications go along with property division, it may be appropriate to seek guidance from various professionals. Financial and legal experts can help a spouse sort through the assets and properties, helping him or her understand their worth, the title of ownership, and what tax implications are attached to them. This can help to divorce spouses make informed decisions when it comes to reaching a property settlement.
Source: Sixyandme.com, “Divorce After 50: Making Smart Choices About Your Divorce Property Settlement,” Stan Corey, Oct. 2016