Special Considerations for Divorces Over Fifty

As an attorney at the Law Office of Bryan Fagan, PLLC, I have worked with clients navigating divorce at various stages of life. While some cases involve young adults, many also involve individuals going through divorce after 50. It’s important to understand that the concerns and challenges faced by older individuals in divorce cases often differ significantly from those experienced by younger couples. If you’re over fifty and considering divorce, there are unique factors to take into account that can impact your case, from financial considerations to retirement planning and asset division.

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.

In conclusion, divorce after 50 presents distinct challenges and considerations that require careful attention and thoughtful planning. Whether it’s addressing asset division, retirement savings, or potential spousal support, the issues faced by individuals over fifty are often more complex than those encountered by younger couples. If you’re navigating this stage of life and contemplating divorce, it’s crucial to seek guidance from a skilled attorney who understands the unique aspects of older divorces. With the right support, you can approach the process with confidence, ensuring that your future is secure and your interests are protected.

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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Other Articles you may be interested in:

1. Key Elements of a Divorce for Persons Over the Age of 50
2. Over 50 and Getting Divorced? Avoid These Three Problems to Achieve a Successful Divorce
3. Finances and Divorce for Texans over the age of 50
4. Texas Divorce and Retirement & Employment Benefits by the Numbers
5. Will My Spouse Get Part of My Retirement in Our Texas Divorce?
6. Husband Loves His Wife and Wants a Divorce in Texas “On Paper” for Strategic Financial Reasons?
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8. When is, Cheating Considered Adultery in a Texas Divorce?
9. Sex, Lies, Rock-and-roll, and Adultery in a Texas Divorce
10. 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 a 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 the Law Office of Bryan Fagan, PLLC by calling (281) 810-9760 or submit your contact information in our online form.

Bryan Joseph Fagan( Attorney )

Bryan Fagan, a native of Atascocita, Texas, is a dedicated family law attorney inspired by John Grisham’s “The Pelican Brief.” He is the first lawyer in his family, which includes two adopted brothers. Bryan’s commitment to family is personal and professional; he cared for his grandmother with Alzheimer’s while completing his degree and attended the South Texas College of Law at night.

Married with three children, Bryan’s personal experiences enrich his understanding of family dynamics, which is central to his legal practice. He specializes in family law, offering innovative and efficient legal services. A certified member of the College of the State Bar of Texas, Bryan is part of an elite group of legal professionals committed to ongoing education and high-level expertise.

His legal practice covers divorce, custody disputes, property disputes, adoption, paternity, and mediation. Bryan is also experienced in drafting marital property agreements. He leads a team dedicated to complex family law cases and protecting families from false CPS allegations.

Based in Houston, Bryan is active in the Houston Family Law Sector of the Houston Bar Association and various family law groups in Texas. His deep understanding of family values and his professional dedication make him a compassionate advocate for families navigating Texas family law.