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Tessmer Tips / 28.03.2016

In Texas, alimony is called spousal support or spousal maintenance.  Spousal support provides a spouse with periodic payments from the former spouse's future income that continues after the divorce. Spousal support is not automatically ordered.  Many factors are considered by the Court when determining if spousal support is appropriate, such as each spouse’s financial resources, education and employment skills, and the length of the marriage. To find out if you may qualify to receive spousal support, you should consult with an experienced family law attorney....

Tessmer Tips / 25.03.2016

Social Security rules are complex, and a “gray” divorce or remarriage can affect your benefits. Although the court cannot divide Social Security benefits, many people going through a “gray” divorce may qualify for benefits based on their spouse’s earning history.     Under current Social Security rules, in order to qualify for benefits based upon a former spouse’s record, you must have been married for at least 10 years before divorcing; be at least 62 years old; remain unmarried; have a former spouse who is qualified for benefits; and be qualified for a lesser amount of benefits based on your record....

Tessmer Tips / 24.03.2016

This topic causes a great deal of anxiety and concern in divorce clients in the “gray” divorce age group. The financial stakes are high. Here are some suggestions:   Immediately begin exploring your options for health insurance coverage;  this is one of the biggest concerns and biggest budget items for those 50+ years of age. Project accurate living expense needs for post-divorce. Consider asking your attorney to consult with a financial planner during divorce. Be aware of your own tolerance for risk. Accept that your lifestyle may change. Some people simply have to return to the workplace or work for a longer...

Tessmer Tips / 23.03.2016

Before your divorce, you may have insurance policies, a Will or Powers of Attorney that benefit the other spouse, or that name the other spouse as an executor. Before filing for divorce, you may want to make changes. Sometimes changes are prohibited after a divorce is filed, so check with your attorney. You may not want your soon-to-be-ex-spouse to have powers under a health care or general power of attorney — especially not when there is a lot of conflict and life/death decisions are at stake. During your divorce, an Estate Plan can be a relevant part of a property settlement...

Tessmer Tips / 22.03.2016

Start with an accurate list of necessary and discretionary living expenses. You must know how much income you'll need — whether that is spousal support, passive income from assets, or employment. With less time to bounce back from the economic upheaval associated with divorce, accurate budget projections are crucial in the “gray” divorce. We encourage clients to work with a financial professional or financially savvy friend or family member who can challenge their assumptions and categories of expenses. Doing so is cost effective and produces a more precise outcome....

Tessmer Tips / 21.03.2016

“Gray” divorce is a term referring to the demographic trend of an increasing divorce rate for older (gray-haired) couples in long-lasting marriages. Since 1990, the divorce rate for Americans over age 50 has doubled, and has more than doubled for those over age 65.  Today, 1 in 4 people going through a divorce in the U.S. is age 50 or older, and nearly 1 in 10 is over 65.  More than half of all “gray” divorces are to couples in first marriages, and 55% of “gray” divorces are between couples who have been married for 20+ years.   Couples divorcing after age...