DIVORCE OVER 50
Divorce is a difficult process regardless of the age of the parties. Unfortunately, divorcing later in life can make things a bit more complicated depending on the circumstances of the individual. Because those over 50 have less working years to settle their finances and establish a financial security blanket the stakes can be high.
Although younger generations have shifted the pendulum the typical over 50 divorce consists of a husband who has been the breadwinner and the wife who was a stay at home mom. Although this is not the situation for all, the majority of over 50 divorces fall in to this category. In order to stabilize the non-monied spouse, necessary steps should be taken for protection. There are different variables for those over 50 vs. those under 50. For example, those over 50 are typically not raising small children and therefore don’t have the necessity to have their Austin divorce lawyer litigate for child custody issues. The priorities shift to finances and stability rather than custody and visitation.
Among high net worth clients the two greatest assets are typically the home or homes(s) and the retirement accounts. There are a number of ways to divide both.
It is not uncommon for one party to be awarded the house and sell it. When going from a married couple to a single person decisions must be made regarding finances and the ability or the practicality of the continued financial way of living. While sentimental, those who can’t afford to keep houses larger than their needs should consider selling the homes and putting the proceeds in to an investment account.
It is also very common for one party to be awarded the home and pay out the other for their share in the equity. This can be done in a number of ways and calculations on the share differ greatly from county to county. The proceeds from one spouse to another are tax neutral because they are split for property division and are not income or an expense to the other.
Valuations, taxes, appraisals and negotiations are most certainly in your future during these proceedings. It is best to utilize an Austin family lawyer to guide you through the process to ensure that you are getting the maximum amount of division from the estate.
TAKING FINANCIAL STOCK
Divorces for anyone require a look at what it will be like when one household is split in to two. When one working spouse now needs to pay child support and spousal support on the same salary they had prior to the divorce. It also requires the non-working spouse to look at finances for their own requirements while rejoining the workforce. Each and every case is different and many factors weigh in on all. Below are a few tips to get everyone working towards stability:
BUDGET FOR YOUR DIVORCE
Prepare a budget for yourself in order for you to see what it will cost each and every month to live and if you have children, provide for them. Sitting down and looking at each and every bill can be eye opening for those who have never done the finances in a relationship. This process helps individuals realize the actual dollars needed in order to provide for themselves and their families.
CLOSE JOINT ACCOUNTS
Check your county to make sure that this is allowed. In Travis County, Texas each party is prohibited from closing accounts during the pendency of the divorce without the express written agreement of both parties or order from the court. If you can close accounts and begin the process of having your own accounts this will ensure that you can take responsibility for your own finances.
In order to protect your credit score continue to make minimum payments on all debts in your name. If you are unable to do so ask your lawyer to go to court to help you with this process. During a divorce all debts should be timely paid to make sure that the community estate and the credit of both parties is not injured.
ESTABLISH CREDIT FOR LIFE AFTER DIVORCE
If you have been a spouse who doesn’t have their own credit take it upon yourself to get your own credit established. There are many local institutions who will offer low credit limit accounts in order to help you get credit established. Seek these out and work towards getting your credit score increased. Loans, rental applications, jobs, mortgage rates all depend on credit scores. Take stock in yourself and work to get yours established and strong.
Working with an Austin Divorce Lawyer
Our experienced Austin divorce attorney has the ability to help you with each and every aspect of the divorce process and will aggressively represent your case before a judge if it comes to that. Joe Newberry has over 13 years experience and has litigated hundreds of cases. Whatever the circumstances surrounding your case, we still stand by your side and ensure that you and your assets are protected during the legal process.
For more information about Austin divorce lawyer, Joe Newberry and the Austin divorce process, contact Newberry Law, PLLC for a consultation. Our main goal as Austin divorce attorneys is to help you evaluate your options under Texas law and make informed decisions that protect your interests and legal rights. Don’t wait to get help, call our Austin legal team today at (512) 320-8200.