With many in the Houston area growing older, people may feel like they would like to make a new start with the time they have left. Divorce among older couples is on the rise, but that can lead to problems for these spouses.
In many divorce situations, especially among older people, one spouse, typically the woman, has not worked in a significant amount of time. A divorce can complicate the finances of those who have not worked. If this is the case for a person's divorce situation, there are certain things they should keep in mind.
First, make sure all records are being brought to the divorce table. Many times, one spouse will try and hide assets which can result in the other spouse not receiving their fair share. Three years of tax returns is also suggested.
If the divorce involves a significant amount of assets, a forensic accountant may be a good investment. This person can ensure all assets are discovered. All financial statements should be printed out and record and document all of the objects of value inside the house.
A divorce is often a significantly emotional situation for everyone involved. It is important to look beyond the intense emotions and try and picture life after the divorce. For many, a significant change in finances may occur. In these situations, keeping the family home may not be a good idea as it can be expensive to maintain.
Alimony may also be an option for some. Also, if there are investment accounts that are split, make sure the accounts are split in a way that both parties are having the same amount of capital gains on the appreciation.
A divorce can create financial hardships, especially for a spouse who hasn't worked in a long time. There are certain idiosyncrasies that should be thought out before a divorce is finalized in order to make sure the settlement is fair for both parties. Thus, it is important to take the time to become fully aware of your rights and options during the divorce process.
Source: money.usnews.com, "Gray divorce: What women who divorce later in life need to know", Debbie Carlson, July 21, 2016