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Divorce later in life will impact your plans for retirement
Perhaps you and your spouse are facing divorce after decades of married life. You are in your 50s or 60s now and may not have thought about the many ways this will affect your future.
To begin with, a “gray divorce,” as it is sometimes called, will impact the plans you had for retirement. There will not be as much money to live on as you had hoped, and there are also other concerns.
Dividing assets
Although Texas is a community property state, it follows equitable distribution in terms of divorce. You can expect a fair division of your marital assets, but the divorce will greatly diminish the retirement picture you once had. You will also face tax consequences. For example, you will pay tax on the withdrawal from a 401(k). In fact, if you take an early withdrawal, that amount may be subject to penalties. Another consideration is the marital home. You may think you want to keep it in a divorce settlement, but remember that there will be upkeep to manage, and you will have to pay property taxes. Think about liquid versus illiquid assets in terms of future financial security.
What do your children want to tell you during your divorce?
As a parent, you don’t want to burden your child with too many details about your divorce. It’s not healthy. Unfortunately, you may also not know exactly what to say to your child about your divorce, either.
If communication between you and your children regarding your divorce seems to be at a standstill, here are some of the things that people say they wish their parents had known to tell them when they were kids and their parents were divorcing:
1. Make sure you tell your children they’re not responsible.
You don’t have to explain in any great detail why you’re getting a divorce. Just explain that Mom and Dad aren’t happy living together. Let your children know that there is nothing they did that caused the divorce — and nothing they could have done to prevent it.
Divorcing and have a special-needs child? Read this
Divorce with children involved is always complex — but especially so when that child has special needs.
Under Texas laws, child support doesn’t automatically end when a special needs child turns 18. It can continue indefinitely. That’s why it is particularly important for divorcing couples to plan ahead for a special needs child during their divorce.
Here are some common matters that need to be discussed:
- Will the child live full-time with one parent? Shared parenting may not be possible with some children, especially if the child doesn’t respond well to changes in location or routine or has specialized medical equipment that needs to be with him or her at all times.
- How much visitation will the non-custodial parent have if the child lives with the other parent? Will it be on a routine basis according to a planned schedule? Is the other parent open to more liberal visitation? What are the expectations and limits?
What can make divorce more expensive than normal?
According to the most recent information available, the average divorce in this country costs right around $15,000. While that sounds like a lot of money, keep in mind the fact that it’s an average — which means that some divorces cost substantially less and others cost a great deal more. How much your divorce ultimately will cost depends a lot on both you and your spouse.
What can make your divorce expenses skyrocket? Here are some of the factors that influence your costs:
- Your location. If you live in an area where property is pricey and you have a lot of assets to divide, legal services may also be more expensive than in other areas.
- Which attorney you hire. If you and your spouse hire attorneys who are dedicated to working toward practical solutions and reasonable results, you can typically expect a less-adversarial process. If one or both attorneys are quite litigious, you may have a much longer and more complicated divorce.
The child custody evaluation: What to do now
Are you and your ex-spouse fighting over sole custody of your child. While increasingly uncommon, these kinds of battles do happen — especially when one or both parents allege that the other parent is unfit.
At some point, you can usually expect to be faced with a custody evaluation. Here are some tips to help you get through the whole process:
1. Remember that the evaluator is a neutral party
No matter who requested the evaluation, don’t assume that the evaluator will take your side. He or she is only interested in what’s best for the children — so don’t mistake politeness for friendship and don’t overshare your feelings.
2. Stick to the important things
This means under no circumstances should you discuss your relationship with your ex and his or her failings as a romantic partner or spouse. You can discuss, if the evaluator asks, why you think your ex should not have shared physical custody — but focus on his or her shortcomings as a parent.
Common causes of marital stress
All marriages face stress, but not all marriages end in divorce. Whether you get a divorce depends on the issues you face and how you deal with them. You and your spouse are likely to deal with a variety of problems throughout your marriage and have different ideas of how to resolve them.
If you and your partner are able to work together to resolve conflict, your marriage may survive. But if the relationship is combative or unhealthy, stressors may lead to divorce. Here are some common causes of marital stress that often end in breakups.
Financial disagreements
Money problems are the number one cause of marital stress, according to a CNBC report. Financial issues impact every part of your relationship. You may find yourself and your spouse arguing about bills, spending and debt. This is especially problematic if the two of you have opposing viewpoints on the money. For example, if you work a blue-collar job while your partner is a big spender, there is likely to be some friction.
Why is it so hard to leave a narcissistic spouse?
One of the hallmarks of a narcissistic spouse is that they start out as a loving partner. They may have even put you on a pedestal for a time.
Then, suddenly, you can do no right. You find yourself walking on eggshells. You feel guilty all the time because everything you do seems to upset them. Further, your attempts to communicate fall apart because your spouse seems to think that the problem is all yours — and that you are not understanding and sympathetic enough.
Just when you’ve had enough and you know that you can’t take any more, your spouse flips the script. They’re sorry, and they’re back to acting like the loving spouse you remember. You’re drawn right back in.
The problem is that it never lasts. It becomes a vicious cycle that takes you to the brink of divorce and then pulls you back with the promise that things will change. Since physical abuse is seldom involved, you convince yourself that things aren’t really that bad.
4 things every divorcing parent should know about child support
If you’re a parent who is heading toward a divorce, child support may be your biggest worry — whether you expect to pay it or receive it.
Here’s the most important piece of advice you need to hear about child support before you start making any plans: Your situation is unique. You cannot base your expectations on anyone else’s divorce and child support obligation. The smart thing to do is to talk to a family law attorney about your situation before you develop any expectations for the future.
That being said, there are at least four things every divorcing parent should know about child support:
1. Child support doesn’t affect your taxes
Under the current laws, your child support payments do not reduce your tax liability if you are a payer. They also do not increase your tax liability if you receive support.
How can you make shared custody workable?
Shared custody is rapidly becoming favored by judges in family courts everywhere — but parents are often leery about making it work. After all, it’s hard to envision working with your ex-spouse on a regular basis (even if it is for the benefit of the children) when you can’t stand to be under the same roof together.
You can make it work.
Here are some of the top tips that experts recommend to couples who are learning to navigate the parenting waters after their divorce:
Separate your marital issues from your parenting issues
Remember, someone who makes a bad husband or wife can still be an awesome mother or father. Agree that when you’re talking about the kids, you will only talk about the kids and your parenting concerns — never about your marriage or divorce. If you must discuss marital issues or the divorce process with your child’s other parent, set up an independent meeting (without the kids around) to do so.
Deadbeat parents are publicly identified in Texas
A total of 16 “deadbeat” parents — including 14 fathers and two mothers — have been publicly identified by the Texas Attorney General’s Office for failing to provide financially for their children. Combined, they owe an incredible $1.2 million in unpaid support for their children. Six of those parents owe more than $100,000 each.
The state released the parents’ names and photos in a media statement just in time for Father’s Day — an intentional effort to draw attention to the serious way that the state regards the failure to live up to a child support obligation.
If you’re owed child support, here are some of the most important facts you need to know:
1. A lack of income does not excuse a parent’s child support obligation. If a parent is unable to pay the support he or she owes, it is up to that parent to approach the court to ask for a modification order.