Originally published by Evan Hochschild.
If you are in your “Golden Years” and are considering a divorce then you can count yourself among those with concerns about what will happen to your property when it is split upon the conclusion of your divorce. The assets that you have accumulated- your home, your investments, your bank account- are incredibly important and are the result of your hard work and discipline. Now because you and your spouse are no longer able to live together as husband and wife the fruits of that hard work are liable to be divided up by a judge according to the judge’s opinion on what is fair.
The fact is that a divorce for persons over the age of fifty will be complicated regardless of how much money a couple has, but for those of you whose community property estate is substantial the complications increase exponentially. Proper planning and communication with your family law attorney can help to minimize those complications and laid the foundation for a successful divorce.
The attorneys with the Law Office of Bryan Fagan would like to discuss some of the more important factors inherent in a Golden Years divorce and what impact they can have on your financial outlook now and into the future.
Make sure the terms of your will and trusts will still be applicable upon the conclusion of your divorce
If you and your spouse have a substantial total of assets then it is possible that your wills contain provision for the allocation of those assets upon your death. In the more immediate sense, it could be that trusts have been set up to administer those assets when it comes time for them to be divided up to the intended recipients. These trusts ensure that your family members are provided for and the taxes associated with gifts and things of that nature re kept to a minimum. What happens to these arrangements after a divorce case?
I know that the wills that my wife and I have are so called “mirror wills”- they reflect each other perfectly. Our goals and objectives are the same because we are a cohesive unit who shares equally in our assets. However, if we were to get divorced then those circumstances are no longer in play and changes would need to be made to each of our wills.
Whether or not a trust is revocable upon your divorce is a question that your family law attorney may be able to help answer but is best left to a probate attorney. Your divorce attorney will be able to answer whatever questions he or she is capable of and then use their resources and experience to locate and hire an attorney who can help in all other areas.
Businesses: How to handle a family owned venture
Suppose that you started a business that allowed you and your family to earn a great income during the course of your marriage to your spouse. However, now that the divorce is occurring you and your spouse are not in agreement on who should retain the business after the divorce concludes. You may have been the spouse to actually do the work inside the business, your spouse argues, but what about their efforts in raising the kids during the infancy of the business or their doing the bookkeeping and other logistical responsibilities inherent in owning a business?
This is a situation that can lead to a lot of drama and a lot of arguing in the context of settlement negotiations. While there is more than one way to skin a cat, your attorney should be familiar with complex business negotiations in the context of a divorce.
Whether the business will be sold and the profits split between you and your spouse or one spouse will ultimately retain the business and pay out a pre-determined sum of money to the other spouse, a full analysis will need to be conducted to ensure that your rights are being protected whatever the final agreement ends up being.
What to do about the family home?
The house that you and your spouse live in can be one of the more difficult items to have to deal with as far as your divorce is concerned. It’s entirely possible that this home is the one that you all moved into upon getting married and is where you raised your children together. There are a lot of memories and a lot of residual emotional hang-ups associated with doing anything other than hanging onto it as long as you can. This, of course, is extremely understandable.
On the other hand, it may be for the best that you and your spouse agree to sell the home and split any equity that is received upon a successful sale. Being able to talk through the emotional aspects of your selling your home in a divorce is an important reason to have a trusted attorney by your side in your divorce.
The other end of the spectrum has the cold, hard numbers as a major concern. Selling a home means the possibility of having capital gains taxes apply if more than $500,000 is seen in a return on the sale. If you or your spouse are awarded the home and choose to sell it after the divorce then only $250,000 is sheltered for tax purposes as a single person. The remaining portion of the profits from selling the home will be taxable.
Entering into a Golden Years divorce and have questions for an attorney? Contact the Law Office of Bryan Fagan today
If you are interested in a divorce and are of retirement age please do not hesitate to contact the Law Office of Bryan Fagan today. We have represented countless clients in your position and would be happy to speak to you about the services we are able to offer you and your family. A family law attorney with our office is able to speak to you six days a week for a free consultation.
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Law Office of Bryan Fagan | Spring Divorce Lawyer
The Law Office of Bryan Fagan routinely handles matters that affect children and families. If you have questions regarding divorce, it’s important to speak with ar Spring, TX Divorce Lawyer right away to protect your rights.
A divorce lawyer in Spring TX is skilled at listening to your goals during this trying process and developing a strategy to meet those goals. Contact Law Office of Bryan Fagan by calling (281) 810-9760 or submit your contact information in our online form. The Law Office of Bryan Fagan handles Divorce cases in Spring, Texas, Cypress, Spring, Klein, Humble, Kingwood, Tomball, The Woodlands, the FM 1960 area, or surrounding areas, including Harris County, Montgomery County, Liberty County, Chambers County, Galveston County, Brazoria County, Fort Bend County and Waller County.
Curated by Texas Bar Today. Follow us on Twitter @texasbartoday.
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