If you are like many baby boomers considering divorce, your children have probably moved out of the house and you might feel like you have nothing left in common with your spouse. Perhaps your marriage has been deteriorating for years, or maybe one of you has changed and you are no longer compatible as a couple.
No matter what the situation may be, you are probably concerned about what your life would be like if your marriage ends. In particular, you might want to know how your property would be divided, and whether you would have enough money to live as comfortably as you do today.
We will address both of these issues today...
How your assets will be divided
Asset division is extremely important for people who are divorcing later in life because they have less time to make up financial losses that they may suffer as a result of the divorce.
Therefore, baby boomers going through divorce should make sure that they are represented by a divorce lawyer who can protect their future.
For the most part, asset division is treated the same under Texas law no matter if the couple is in their 30s or 60s. In either case, all "community property" is subject to division and will be divided "fairly" by the judge if the couple cannot reach an agreement on their own.
However, in many cases, the issue becomes determining which property is community in nature, and which is "separate" property and not subject to division.
Distinguishing between community property and separate property can be especially difficult in a divorce involving a long marriage during which the family amassed significant assets or business interests and growth.
How your standard of living could change
Anytime you take one household and split it into two, there are going to be added costs. That means it's not always possible to move forward with the same standard of living that the spouses became accustomed to during the marriage.
However, it is your lawyer's job to help you reach a divorce settlement that allows you to live as closely as possible to how you lived during the marriage. If you earn less than your spouse, then alimony may be necessary to make this possible.
It's important to keep in mind that the information provided above is general in nature should not be taken as legal advice. In order to get legal advice, you will need to meet with an experienced lawyer who can look at the specific facts of your case.