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Staying afloat after a gray divorce

On Behalf of | Oct 30, 2023 | Divorce

Divorces involving people over 55 have increased significantly over the past few decades. Although divorce is tough at any age, it can be especially challenging to recover from one later in life. However, there are steps that you can take to get past the potential damage caused by taking a trip to a Texas divorce court.

You’ll retain some property

In a divorce settlement, you’ll have the right to retain a portion of the marital estate. This may include the right to remain in the family home or to keep some or all of a joint bank account. Your spouse may also be required to pay alimony or provide other forms of support after the divorce is finalized. Finally, you may be entitled to keep a portion of retirement savings accrued by your spouse during the marriage.

Retirement may be farther away

It may be possible to keep yourself afloat financially by delaying retirement or by reentering the workforce. You may also decide that instead of exiting the workforce entirely, you’ll pick up odd jobs to earn cash after exiting your primary career. Although you may fear reentering the workforce later in life, companies cannot discriminate against applicants due to their age. There may also be educational and other programs available to make yourself more attractive to employers.

Downsize wherever possible

If you can’t work, you may be able to help yourself by downsizing your lifestyle. Instead of owning a large home, you may rent an apartment or live with family members or friends. You may also decide to take the bus instead of continuing to make car payments. Delaying your next vacation or luxury purchase may also help you remain solvent after a divorce.

Tax records, bank statements and other records may make it easier to prove that you should receive alimony or other resources in a final settlement. If you were the breadwinner in the relationship, it might help you limit the amount of support you’re ordered to provide.