As you may know, divorce for those over the age of 50 is on the rise across the nation, including here in Texas. At one time in the past, most older people stayed together despite their marital discontent. However, more and more Americans are unwilling to compromise their happiness at any age.
It can be frightening to contemplate the financial side of a “gray divorce.” Most people worry about their ability to survive on a single income. Those who divorce after retirement worry even more about post-divorce finances.
Asset preservation and protection strategies to consider
Getting a divorce at any age can put your financial security at risk and is even more of a potential issue for older Texans. However, taking a logical and pragmatic approach can help. The simple tips below can help you avoid many of the financial hardships that plague older residents in the wake of a divorce.
Start with a new budget: Replace your old budget with a new one that accounts for daily living expenses, annual expenses (taxes, etc.) and, hopefully, savings for your future.
Add a financial strategy: Identify your immediate and long-term financial goals. make a strategy to achieve them and stick with it as you see how your new life unfolds.
Remember to remain realistic: When making goals and plans as a single older person, remember to be realistic. For example, it may be unwise to plan extravagant vacations as an individual with a more limited income.
Learning more about your divorce options can also help you manage your financial future as a newly single Texan.