Some older adults in Texas might be considering divorce and wondering how this would affect their financial situation if they are already retired or close to retirement. The first step might be for them to make a list of all their assets and debts. To get a full financial picture, they may also need to get such items as antiques and jewelry appraised.
They should also gather important financial documents, such as tax returns and estate planning documents. They should then think about what their lifestyle will be like after divorce and what they will need. If there are retirement funds that need to be divided, there are specific rules around that division depending on whether they are pension accounts, IRAs or other types. Parents who are still offering support to their children or who want to offer support for their grandchildren should also take this into account. Some people may want to change their lives significantly after divorce, traveling or working to make a difference in their community.
There will still be some loose ends to tie up once the divorce is final. People may need to have some assets retitled under their name. They might need to revise their estate plan, including beneficiary designations, and get new health insurance.
The combination of a high-asset divorce and property division can be stressful. Even if the divorce is relatively amicable, emotions about the end of the marriage and worry about finances can make negotiation difficult. Alternative dispute resolution methods through an attorney, such as mediation, may help a couple resolve any conflict they are experiencing and reach an agreement on property division without entering into the more adversarial process of litigation. Negotiating out of court also allows them to control what the agreement will look like.