The divorce rate has been trending lower in the United States in recent decades. However, the rate of divorce for those over the age of 50 has increased since 1990.
If you are an older adult seeking to end your marriage, it is important that you take time to understand Texas divorce laws. Doing so may enable you to avoid critical mistakes that might undermine your ability to obtain a favorable outcome in your case.
Texas is a community property state
In a community property state, all joint assets are divided equally in a divorce. Furthermore, most joint debts will be divided evenly between you and your spouse.
Should you keep the family house?
While it may seem beneficial to retain the family home in a divorce settlement, this is not necessarily your best option. Instead, it may be best to sell the home, split the proceeds of the sale with your former spouse and put that money into an investment account. This would allow you to trade an asset that may need significant upkeep over the next several years for an asset that could give you with a source of income.
Create a new budget
There is a good chance you will spend more on food, clothing and shelter after your divorce. It is also possible you will need to buy your own insurance, which may be significantly more expensive than the policy provided by a former spouse’s employer.
An attorney may be an important resource in your quest to obtain a favorable outcome in your divorce case. He or she may be able to review a prenuptial agreement, review financial documents or take other steps to maximize your chances of maintaining a comfortable lifestyle as a single person.