A very common reason that parents in Texas will continue to try to make a difficult marriage last is for the benefit of the children. When the problems persist but the children are out of the house, some couples make the decision to part ways. Within the last two decades, the rate of couples over the age of 50 divorcing has almost doubled.
While divorce proceedings can have a positive effect on a person's social life and overall level of happiness, couples who choose to separate near retirement age should consider the substantial effect that a divorce can have on each individual's finances.
Imagine that you are ready to retire. You and your spouse have spent decades preparing for your future together. You have a nice home and a healthy retirement account. You even run a successful business.
Numerous airline companies have filed for bankruptcy or have sought financial assistance from the government in the past few years as a result of the declining economy. However, when those airlines go out of business or restructure under a government payment plan, the employees are often left in personal financial crisis.
Statistics have shown that many women face moderate to severe financial setbacks immediately following a divorce. This is especially true if a woman has sacrificed her own career ambitions in exchange for domestic work such as child care. Often, alimony and child support payments are not enough to place the divorced spouse in a financial position that's anywhere close to her position during the marriage. While the first few years following a divorce can result in substantial financial challenges, a new study conducted by the University of Connecticut suggests that divorced women who remain unmarried find themselves in a far better financial position by the time that they retire than those who choose to remarry.