From my experience as an attorney with the Law Office of Bryan Fagan, PLLC, I can say that the age range of clients we have that are getting divorces is pretty staggering. I have worked with a client who was getting a divorce at age 19. When younger people get divorced there is usually a few vehicles where the names on the titles need to be changed to reflect sole ownership after a divorce. There may be some credit card debt to clean up and divide between the parties. Usually there are more hurt feelings than anything else to deal with, in all honesty.
On the other end of the age-spectrum we have persons who are older than fifty who are filing for divorce. I have represented more than a handful of folks in this age group as well. Their concerns and the issues in their divorces are quite a bit different than the ones we just discussed for people who are significantly younger.
If you are over the age of fifty and considering a divorce what are the components to your potential divorce case that you should keep an eye on and be aware of? What factors represent some of the most contested and difficult ones to negotiate? This blog post will discuss these questions and hopefully provide some concise responses for your consideration.
This is usually the biggest issue that I have seen clients take a keen interest in upon hiring our firm. Whether we are considering your own retirement plan either through your employer or an Individual Retirement Account (IRA) or your spouse’s retirement plan, there is little else that can frustrate you more than knowing your soon to be ex spouse has a legitimate claim to your retirement savings in a divorce.
The rules of community property dictate that those funds that were accumulated during the course of the marriage are subject to division. Being able to provide statements to your attorney that show how much you had in retirement at the time of your marriage and how much you have now will provide a clear picture of just how much of your retirement is subject to division. If you are like many people who married your spouse prior to having any money in retirement it can be the entirety of your retirement savings that is liable to be divided between you and your spouse.
If you are concerned about your ability to sustain yourself after the divorce has finalized it will be worth knowing all the details of your or your spouse’s retirement plans so that you know when you will start to be able to collect benefits under the plan. Also, in order to have your portion of the retirement account divided and sent to you a Qualified Domestic Relations Order (QDRO) must be drafted and sent to the Plan Administrator for the retirement plan. The administrator will review the QDRO, Final Decree of Divorce and the Plan’s formation documents to make sure that the QDRO comports with the rules of the Plan. Assuming that there are no issues, then the QDRO will instruct the administrator on how to structure the division.
Social Security Benefits
Starting at age 62 and continuing all the way to age 70 you can collect social security benefits. If your marriage to your spouse lasted longer than ten years and you have not remarried then you are able to collect benefits based on your spouse’s past contributions. One caveat is that the marriage must have been concluded at least two years prior to your attempts to collect the money.
The subject of social security is especially important for those people who, due to disability or any other factor, are not working and need social security as a source of income for themselves after the divorce has concluded. The amount of social security benefits that your ex spouse would stand to receive is not affected by your staking a claim to social security benefits accrued.
Another focus of over-50 divorces is the income that is generated from passive sources like investments. I like to call this “mailbox money”. Basically, the investment accumulates money for you (either in rent payments on a rental home, or the growth of a mutual fund or stock portfolio) despite your having not touched or actively done anything other than making an initial investment.
The beauty of passive income sources such as these is that as we get older these investments offer income that requires little to no physical effort to achieve. While working a full day gets more and more difficult as we age, these passive income sources offer an alternative that are highly desirable especially for folks over the age of fifty. Understandably, investment income is closely negotiated upon and argued over in many divorces.
Retirement may not be just around the corner
The best laid plans of mice and men/women are often disrupted due to a divorce. Whereas you may have before had a plan to retirement at the age of 62 or 64, etc. that plan may have hit a road-block due to your having to go through a divorce. If you were ordered to split your retirement savings and give up one or two streams of passive income then your immediate future may include working a few years longer in order to compensate for these losses in potential income.
Questions on Over-Fifty Divorces? Contact the Law Office of Bryan Fagan, PLLC
Health concerns, loss of income and concerns with having to move yourself and start over in a new location are common concerns among people getting a divorce after their fiftieth birthdays. If you have additional questions regarding post-50 divorces then please do not hesitate to contact theLaw Office of Bryan Fagan, PLLC. Our licensed family law attorneys are available six days a week to meet with you and discuss your concerns in a comfortable environment. From Baytown to Conroe, the Law Office of Bryan Fagan, PLLC has represented clients across southeast Texas. Contact us today to have your questions answered and to learn more about our office.
If you want to know more about what you can do, CLICK the button below to get your FREE E-book: “16 Steps to Help You Plan & Prepare for Your Texas Divorce”
Other Articles you may be interested in:
- 7 Tips for Divorcing After Age 50 in Texas
- Divorcing After Age 50 in Texas: What it Can Mean for You and Your Spouse
- Texas Divorce and Retirement & Employment Benefits by the Numbers
- Is Social Security Considered Separate Property in a Texas Divorce?
- Will My Spouse Get Part of My Retirement in Our Texas Divorce?
- Husband Loves His Wife and Wants a Divorce in Texas “On Paper” for Strategic Financial Reasons?
- My Spouse Has Accused Me of Adultery in my Texas Divorce and I Haven't
- When is, Cheating Considered Adultery in a Texas Divorce?
- Sex, Lies, Rock-and-roll, and Adultery in a Texas Divorce
- Can I Sue My Spouse for Mental Abuse in My Texas Divorce?
Law Office of Bryan Fagan, PLLC | Spring Divorce Lawyer
The Law Office of Bryan Fagan, PLLC routinely handles matters that affect children and families. If you have questions regarding divorce, it's important to speak with ar Spring, TX Divorce Lawyer right away to protect your rights.
A divorce lawyer in Spring TX is skilled at listening to your goals during this trying process and developing a strategy to meet those goals. Contact Law Office of Bryan Fagan, PLLC by calling (281) 810-9760 or submit your contact information in our online form. The Law Office of Bryan Fagan, PLLC handles Divorce cases in Spring, Texas, Cypress, Spring, Klein, Humble, Kingwood, Tomball, The Woodlands, the FM 1960 area, or surrounding areas, including Harris County, Montgomery County, Liberty County, Chambers County, Galveston County, Brazoria County, Fort Bend County and Waller County.