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Divorce after age 50

When a divorce happens, some people believe that they will never find their own identity. again. This is especially common with women who have been a mother and a stay-at-home mother and wife. In many cases, divorce not only means becoming single again, it can also mean sharing custody of your children.

About a quarter of all people who divorce are over the age of 50 and it's even got its name: silver or gray divorce. If you are considering a gray divorce in Texas, here are some things to remember:

-- Put your financial security above everything else. In many cases, one spouse takes the family home because he or she wants to continue to live in for the sake of the children. While wanting to keep change to a minimum during a divorce is understandable, keeping the family home can be an expensive endeavor between mortgage payments, maintenance costs and more. Consider selling the home and downsizing. Your children will adapt to this change.

-- Never sign any divorce paperwork unless every last bit of the finances have been divided appropriately. Make sure any retirement assets that you receive through a qualified domestic relations order are actually put in your name.

-- The person you marred isn't the same person you are getting divorced from today. Many spouses feel blindsided by divorce. Those spouses wished they had been more prepared for the divorce battle.

A good divorce attorney can help you determine what you want out of the divorce. He or she can work to negotiate a fair divorce settlement your soon-to-be ex will accept or let the court decide the divorce results.

Source: Forbes, "How To Survive Divorce After 50," Tania Brown, Sep. 29, 2016

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