Texas couples who are thinking about divorce may know that it has a significant impact on finances. This is particularly true in that segment of the population over 50. U.S. divorce rates in the twenty years preceding 2010 remained essentially unchanged, but the divorce rate in those 50 and older has doubled.
Some individuals in Texas might be considering drafting a prenuptial agreement as their wedding approaches. While such documents often provide effective protection of premarital assets, they are might be contested when a divorce occurs, and proving the agreements legitimacy can be expensive. Individuals have other options that might provide better asset protection.
Federal guidelines on international travel for children are meant to protect divorced parents in Texas and other states from having their children taken by their exes. According to federal law, both parents need to be present when children get their passports, or individuals with sole custody need to show proof of their custody arrangement. When two parents take their children to get passports, they need to show proof that they are legally the parents of any juveniles 16 years old and under. Parents not traveling with their children must provided notarized consent for their children to leave the country.
According to statistics, more and more baby boomers are getting divorced in Texas and throughout the country. Twenty years ago, only one in 10 divorced people were age 50 or older. Today, this number is one in four. This situation is especially difficult for women who may be subject to losing half of the funds in their retirement accounts while often having to pay for housing expenses with less income than their former spouse. Divorce can wreak havoc on finances for baby boomers, partly due to the decrease in the amount of time allotted to recuperate their savings.