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Getting a divorce after 50 presents unique income issues

Statistics indicate that far more couples over 50 have been getting divorced in recent years than they were just 20 years ago. For Texas baby boomers, getting a divorce later in life can present unique obstacles.

For baby boomer spouses who have been out of the workforce for most of their marriage, there may be difficulty generating income after a divorce. It may be helpful to negotiate for healthcare costs to be paid as part of the spousal support agreement. Additionally, any debt that the spouses carry as a married couple could be divided in a way that favors the out-of-work spouse. One other possibility is sharing Social Security benefits with the ex-spouse. This is possible when the person is at least 62 years old and has not yet remarried, among other qualifications.

A full inventory of finances is very important when the divorce process begins. It is critical to know exactly how much income must be made post-divorce in order to live. A divorcing spouse should investigate their credit rating as well. It may be necessary to rely on loans and credit cards after the split, so those with low credit scores need to work on raising them. Also, some experts urge spouses with potential post-divorce income issues to reconsider keeping the house. A house is a valuable asset, but it can also be financially burdensome due to high taxes and upkeep costs.

Divorce can be a complex process that may be very stressful without some help, particularly in a high-asset divorce. An attorney who has experience in family law may be able to help a spouse through these complicated divorce matters, including spousal support and property division.

Source: Fox Business , "Divorcing Baby Boomers: How to Get a Financial Grip", Donna Fuscaldo, April 30, 2014

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Bruce Turner

In addition to his law degree, Bruce Turner has a master's degree in tax law and is Board Certified in Commercial Real Estate Law by the Texas Board of Legal Specialization.

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