Sadly, the divorce rates in this country continue to rise among older couples. When couples divorce, it is never an easy decision for those involved or their families. However, when older couples divorce, it can be much more difficult because of the many years you and your spouse spent together. If you need help with your gray divorce in Texas, call The Texas Divorce Lawyer today: 214-265-7630.
The Rise of Later-Life Divorces
Statistics over the years have continued to reflect the increasing number of gray divorces, or divorces over age 50. According to an AARP Bulletin article from 2012, while overall divorce rates have decreased since 1990, the rate of gray divorces has doubled.
While it is unclear as to exactly why this trend is occurring, there are some hypotheses. Some think it is because once the children have grown and left the house, the spouses realize they want different things for their own empty nests. Some believe this is because of the growing acceptance of divorce for these baby boomers, others see it as a result of multiple failed marriages, and still others view it as a rise in marital equilibrium between men and women.
Regardless of the reasons, the fact is that gray divorces are complicated in ways that are different from divorces at younger ages.
What makes gray divorces different?
Divorce among younger couples often revolves around the needs of the rest of the family – child custody, child support, and co-parenting. These factors are not usually a part of a gray divorce, although they certainly can be. Instead, the issues tend to be those that directly affect the lives of the divorcing couple: financials, security, and later life care.
Many gray divorces occur at a time near retirement for any working spouses, so income production has usually significantly decreased. This may be an issue of contention, as both parties may have less money and likely do not want to divide up what they worked most of their lives for.
What assets are most relevant in a gray divorce?
So what resources are likely to be in that asset pool? Consider the following:
- 401(k) benefits
- Social Security benefits
- Alimony/spousal support
- Marital assets
- Stocks & mutual funds
- Trust & estate issues
With so much at stake, be sure that you talk to a Texas divorce attorney if you are considering divorcing after 50. Contact The Texas Divorce Lawyer at 214-265-7630 today.