People typically have different priorities at various stages of their lives. If you and your spouse married when you were young, you likely were focused on building your careers, saving for a home and raising children. If you’re divorcing in your 50s, 60s or later, you’re likely concerned about maintaining a comparable lifestyle to the one you’ve grown used to as you near and eventually enter retirement.
Certainly, every divorcing couple’s situation is different. You may still have one or more children in college or graduate school whom you want to continue to help support, for example. With that said, there are few relatively universal priorities that concern most people going through what has been ignominiously named “gray divorce.”
Property division and spousal support
Even though Texas is a community property state, that doesn’t necessarily mean everything you own will be split in half. It’s more complex than that. It’s crucial to work toward a fair division of both assets and debts. For example, if you haven’t continuously been in the full-time workforce throughout your marriage and/or your spouse has a larger income, you likely have the right to seek spousal support (alimony). It’s worth exploring the types of alimony available in Texas.
Social Security retirement benefits
There are a lot of misunderstandings around Social Security, such as when you can (and, more importantly, when you should) start collecting it. Social Security spousal benefits are even more misunderstood. If you’re nearing or in your 60s, it’s smart to determine how much you’ll qualify to receive, as that information will likely inform your decision-making throughout the divorce process.
Health insurance
If you haven’t reached Medicare age yet (65) and you’ve been getting health insurance through your spouse’s plan, you’ll need to have your own insurance by the time the divorce is final. It’s best not to wait until the last minute to start exploring options through your own employer or at Healthcare.gov.
Finally, it’s every bit as important for divorcing spouses to have their own financial and tax advisors as it is their own legal representation. Don’t rely on advisors who have worked for both of you over the years and may have conflicted loyalties. Having professionals in all fields who are committed to your interests can help you look forward to a more financially sound and happy future.