Divorce Over 50: Tips to Protect Yourself

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Categories: Divorce

    Divorce Over 50 and Financial Security Issues

    As we grow older, our priorities and focus can change and so can our marriage. Over 50, we are looking more closely at setting ourselves up for our retirement years. Younger couples divorcing have much more time to save for the future and have more earning years ahead.

    When preparing for divorce, you and your lawyer will review all of the financial information and create an inventory of all your assets and debts. This process can seem daunting but is quite manageable when you work with an experienced divorce lawyer used to representing people and families with large estates, and complex assets and debts.

    In many cases where there are business interests and investments, one of the spouses might know or have access to more information. There are plenty of ways your divorce lawyer will help you through the process of discovering all the right information to get a full picture of your finances for purposes of divorce.

    Richard T. Sutherland is an experienced complex and high-net-worth divorce lawyer Wichita County families have trusted for many years. Contact the Law Office of Richard T. Sutherland in Wichita Falls, Texas at (940) 691-2100.

    Keeping the House or Letting it Go

    When we work diligently to pay off our house we consider a paid-off home to be an asset to be considered in our retirement plans. Even if the home is close to being paid off, there are expenses in maintaining a home and paying the insurance and taxes. Based on our long we plan to stay in the home after the divorce, we can look at how much it is going to cost and what is best long-term.

    If the house is the primary asset involved, the ability to access available cash may be an issue. For example, if one has unexpected expenses but all their money is tied up in the equity in a home, accessing that money could come at a cost.

    A Certified Divorce Financial Analyst is one of several valuable professionals who can help anyone getting a divorce over 50 figure out the best among a variety of options to save money, preserve wealth, and pay for expenses into retirement years.

    Anticipating Your Future Expenses

    Especially for the spouse who does not manage household budgets and expenses, it can be challenging figuring out what your living expenses will be after the divorce. From basic living expenses to maintain a mortgage and property, you must be prepared for covering expenses without the income to which you may be accustomed.

    Healthcare and health insurance are important expenses for people getting a divorce over 50. In addition, you may face tax consequences depending on how you settle the community estate and receive your share.

    Knowing the What You Owe

    Complex divorces may involve financial surprises. For example, valuable shares and assets in businesses could be encumbered by significant debts owed and other issues with capital contributions. People and families with significant assets who want to divorce over 50 in the Wichita Falls, Texas area are frequently referred to Attorney Richard T. Sutherland because he has decades of experience not only in high stakes divorce but also in complex business transactions and litigations.

    When you work with Richard T. Sutherland, you can appreciate that your divorce lawyer knows how to look for the right information and knows the right procedures to find all your assets and debts before you start to make agreements about apportioning and dividing community estates.

    Maintaining Proper Health Insurance Coverages

    Getting a divorce over 50 can be a challenge when estimating healthcare and health insurance issues in the future and into retirement years. Ideally, before filing for a divorce, it is a good idea to get a full health and physical outlook from your doctor and any specialists you see. The more you can forecast your future needs, the better you and your “silver divorce” lawyer can help you prepare for your future. For example, if it is an option, you might negotiate an agreement in which your future healthcare needs are a focus.

    Managing Retirement Accounts and Rolling Over IRAs

    Retirement accounts, like other investments, are evaluated for division in a divorce. IRAs are governed under their own laws regarding funding and withdrawal. To protect retirement account assets in divorce a qualified domestic relations order is used to avoid withdrawal penalties during a post-divorce rollover. If there are pensions involved, those must be handled using proper procedures similar to IRAs.

    The IRS website offers additional information: Retirement Topics – QDRO – Qualified Domestic Relations Order.

    Wichita County Divorce Lawyer, Richard T. Sutherland is Available to Help with Your Divorce Over 50

    Experience matters in high-net-worth divorces involving complicated assets, debts, and budgets for future living expenses into retirement years. For trusted counsel and representation upon which you can rely, please make contact online, or call the Law Office of Richard T. Sutherland in Wichita Falls, Texas at (940) 691-2100.

    Wichita County Custody lawyer Richard T. Sutherland represents people and families in Wichita County, Archer County, Baylor County, Clay County, Foard County, Hardeman County, Jack County, Montague County, Wise County, Young County and Wilbarger Counties in North Texas and has accepted cases in other areas West, North-Central and in South Texas.

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