Getting divorced in the middle of retirement can have a major impact on a retirement plan. The retirement assets might have to be divided between the two parties. In addition, one of the spouses may have to pay alimony, particularly if the marriage lasted a long time. Here are important to steps to protect one’s best interests during a Texas divorce that happens during retirement.
First, it is wise to investigate one’s Social Security benefits as a result of the divorce. Those getting divorced later in life may also want to find out about the retirement benefits to which they are entitled following the divorce. Another important step for these individuals is to figure out how to divide their household goods and other personal property.
During the divorce process, both parties will also need to discuss how they plan to handle the marital home. Will one spouse keep the house and allow the other party to keep more of the retirement assets? Or, will they sell the house and divide the proceeds of the sale? Pets are also an important consideration for two older individuals dealing with property division during divorce.
No matter the age of the spouses, the reality is that divorce can be difficult to cope with both emotionally and financially. A family law attorney in Texas can provide the direction needed to navigate the financial aspect of the divorce process with confidence. The lawyer will pursue a just outcome that upholds the client’s best interests in accordance with the state’s applicable community property laws.