Special Considerations for Divorces Over Fifty

In my role as an attorney at the Law Office of Bryan Fagan, PLLC, I’ve encountered a wide range of clients going through divorces, spanning various age groups. Some divorces involve young adults, while others involve individuals who are over fifty. It’s essential to recognize that the concerns and issues in divorces for older individuals are often quite different from those of younger couples.

If you’re over the age of fifty and contemplating divorce, there are unique components and factors to consider throughout your divorce case. This article will explore some of the most critical and contentious aspects of divorces in this age group.

1. Retirement Planning

One of the most significant concerns for clients over fifty is retirement planning. Whether you have your own retirement plan through your employer or an Individual Retirement Account (IRA), or your spouse has a retirement plan, the prospect of dividing retirement savings in a divorce can be frustrating. According to community property rules, funds accumulated during the marriage are subject to division. Therefore, it’s crucial to provide statements to your attorney detailing your retirement savings’ status at the time of marriage and its current value. This information will help determine how much of your retirement is subject to division. If you married your spouse before either of you had retirement savings, the entire account may be subject to division.

Understanding when you can start collecting benefits from your or your spouse’s retirement plan is vital if you’re concerned about post-divorce financial stability. Furthermore, to divide your portion of the retirement account, you must draft and submit a Qualified Domestic Relations Order (QDRO) to the Plan Administrator. They will review the QDRO, the Final Decree of Divorce, and the Plan’s formation documents to ensure compliance with the Plan’s rules before executing the division.

2. Social Security Benefits

For individuals aged 62 and older, there is the option to begin collecting social security benefits, with the eligibility extending to age 70. If your marriage lasted for more than ten years, and you haven’t remarried, you may qualify for benefits based on your spouse’s past contributions. Attorneys at the Law Office of Bryan Fagan emphasizes, however, that the marriage must have concluded at least two years before you attempt to collect these benefits. This is especially important for those who are not working, due to disability or other reasons, and rely on social security as a source of income post-divorce. It’s worth noting that your claim to social security benefits does not affect the amount your ex-spouse will receive.

3. Investment Income

Investment income generated from passive sources, often referred to as “mailbox money,” is another focal point in divorces among individuals over fifty. This type of income includes returns from investments like rental properties, mutual funds, or stock portfolios that require minimal effort once you make the initial investment. As we age, these passive income sources become increasingly appealing because they offer financial stability with minimal physical effort. Consequently, investment income is frequently a subject of negotiation and contention in many divorces.

4. Delayed Retirement

Divorce can disrupt even the best-laid retirement plans. While you may have originally planned to retire at a specific age, the divorce process may force you to reassess your retirement timeline. If you’re required to split your retirement savings or relinquish passive income streams, you might need to work a few more years to compensate for these potential income losses.

Contact The Law Office of Bryan Fagan

Navigating divorces over fifty can be complex, with concerns about health, income loss, and starting over in a new location. If you have additional questions about divorces in this age group, please don’t hesitate to reach out to the Law Office of Bryan Fagan, PLLC. Our experienced family law attorneys are available six days a week to address your concerns and provide guidance. Whether you’re in Baytown, Conroe, or anywhere else in southeast Texas, we’re here to assist you. Contact us today for answers to your questions and to learn more about our services.

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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.

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Contact Law Office of Bryan Fagan, PLLC Today!

At the Law Office of Bryan Fagan, PLLC, the firm wants to get to know your case before they commit to work with you. They offer all potential clients a no-obligation, free consultation where you can discuss your case under the client-attorney privilege. This means that everything you say will be kept private and the firm will respectfully advise you at no charge. You can learn more about Texas divorce law and get a good idea of how you want to proceed with your case.

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