McKinney Divorce Over 50 Attorney

Divorce Guidance for Clients 50 or Older in Collin County and Surrounding Cities

Divorce is a significant life event at any age, but for those who are over the age of 50, the dissolution of a marriage comes with a unique set of challenges and considerations. The stakes are particularly high for people who are closer to retirement, and the financial and emotional aspects of a divorce can become even more pronounced in these situations.

Understanding the unique concerns involved in a "gray divorce" and taking deliberate steps to protect your interests are crucial if you are planning to end your marriage. At The Ramage Law Group, we provide invaluable legal assistance, ensuring that all aspects of your divorce are addressed correctly and helping you take steps to protect your interests and your future.

Division of Valuable Assets

In a gray divorce, the division of assets can be complex due to the accumulation of wealth and property over the years. A primary concern is the family home, which may be the most significant asset you and your spouse own. You may both have an emotional investment in your home, and making decisions about whether one spouse will buy out the other's share of the equity or whether you will sell the home is often difficult. An appraisal may be needed to ensure that you both understand the value of your home, and decisions about ownership will require careful consideration of each party's financial stability and future housing needs.

Beyond real estate, other valuable assets such as investments, vehicles, and valuable personal property must be equitably divided. If you are a business owner, you may need to determine whether you will be able to divide your assets in a way that will allow you to maintain ownership of your business. Alternatively, you and your spouse may decide that selling the business will be the best option for both of you. Our attorneys can help you consider the long-term implications of asset division and make decisions that will safeguard your financial well-being.

Planning for Retirement After Divorce

Retirement planning takes on new urgency in a gray divorce. You may need to take steps to ensure that the division of marital property and other decisions about financial concerns will not affect your ability to support yourself after you retire.

During the divorce process, the division of retirement accounts and benefits will be a critical issue to address. Money saved in these accounts or pension benefits you have earned over the duration of your marriage will need to be divided. Our attorneys can help you understand what portion of these benefits are considered marital property and how they can be divided between you and your spouse. We can ensure that qualified domestic relations orders (QDROs) or other similar methods are used to transfer funds without incurring taxes or penalties.

We can also help you determine whether you need to reassess your retirement goals and strategies after your divorce. We will provide guidance on how you can create a new retirement plan that reflects the changes you have experienced in your life and ensures that you will be able to transition to a secure retirement in the future.

Determining Spousal Support

Spousal support (alimony) can be a crucial factor in a gray divorce. If you and your spouse have been married for a significant amount of time, and one spouse has been out of the workforce or earns significantly less than the other, spousal support may be appropriate to ensure that both of you will be able to meet your ongoing financial needs.

When determining whether spousal support should be awarded, courts will consider factors such as the length of your marriage, each spouse's financial resources, and the age, health, and earning capacity of both parties. Our experienced attorneys will advocate for fair and reasonable spousal support arrangements, ensuring that you will have the necessary resources to maintain your standard of living post-divorce.

Contact Our Collin County Gray Divorce Attorneys

If you are planning to divorce and you are over age 50, The Ramage Law Group can provide you with effective legal representation, helping you determine the best steps to take to end your marriage successfully. We will work with you to develop strategies that focus on preserving wealth, ensuring financial security, and facilitating a smooth transition to post-divorce life.

By focusing on the long-term implications of each decision and working to help you resolve any disputes you may encounter, we can help you protect your interests and embark on a new chapter of your life. Contact us at 972-562-9890 to set up a consultation.