If you are considering a divorce over the age of 50, your case may come with some special considerations.
Divorce after 50 is difficult. If you are over 50 and are starting to see signs of divorce (often referred to as gray divorce), a better understanding of the challenges you face is advised. An experienced Texas divorce attorney can help you understand and prepare to overcome the challenges ahead.
your children
Although you are unlikely to face a child custody battle in your gray divorce, your divorce will probably still have an emotional impact on your children. Young adults experience a deep sense of loss when their parents divorce, and this can negatively affect their ability to find balance in life.
Divorce can also affect your ability to support your children financially, derail your children’s college path, and cast a shadow over your family’s future plans. In other words, your divorce will affect your children, which can increase your emotional pain.
The emotional impact of resumes
A gray divorce usually comes after many years of marriage, which can add to the grief. Additionally, you may be approaching or have reached retirement, and a divorce may leave you with financial uncertainty or altered plans.
There is a lot to go through when you are going through a divorce, and if you are over 50, the difficulties you face can be more difficult to overcome. Consider the following common challenges in gray divorces:
- If you stay at home while your spouse works, a divorce can leave you needing to earn a living but without the experience or work history to jumpstart a career.
- You may need to build a new career when your peers are ending their careers.
- Starting a new romantic relationship after decades of marriage can be scary.
- As we age, we become more resistant to change, which can make further changes more difficult.
- The risks of loneliness and anxiety are serious concerns for older divorcing adults.
- The longer the marriage, the more likely you are to believe in her ability to endure, which can make divorce more difficult.
Divorce after 50 can be tough, and you may not know where to turn for help. By seeking the skilled legal guidance of an experienced divorce attorney, you help ensure that your financial rights are protected during the legal process and pave a smooth path to a vibrant post-divorce future.
Financial Effects of Gray Divorce
Finances are a serious concern in gray divorces, especially when considering the division of marital property. Marital property refers to everything you and your spouse owned while you were married, regardless of who made the purchase or signed the papers. If you became the owner of an asset during the marriage, it is almost certainly a marital asset.
Exceptions to the rule
The following types of assets are not considered marital property:
- Gift is given to one spouse only.
- Assets inherited by only one spouse.
- Compensation for pain and suffering from a personal injury claim
Factors to consider
In Texas, marital assets must be divided in a manner deemed “just and fair,” which means having regard to the following factors:
- Duration of marriage
- Each spouse’s contribution to the marriage, including childcare and housekeeping.
- Earning capacity of each spouse
- Age and overall mental and physical health of each spouse
- Any fraud on the community estate, such as concealing, giving away, spending, or artificially reducing marital assets prior to divorce
- Wrongdoing by one of the spouses
- Tax implications of a proposed division of marital property
Although the presumption is that marital assets will be divided equally in a divorce, Texas may allow a more one-sided division if the circumstances support it.
Detached property
Separate property refers to assets that either spouse brought into the marriage and remained separate throughout. These assets will remain the separate property of the original owner. During a long marriage, however, the line of division of separate and marital property can be weakened. Furthermore, any increase in value of a separate asset during the marriage is considered marital property.
Financial considerations
Divorces after the age of 50 have several unique considerations that apply.
Retirement Accounts
A gray divorce can have a serious impact on retirement savings. During your marriage, one or both of you likely built a nest egg in retirement accounts such as IRAs, 401(k)s, and pensions.
Allocating these assets is complicated but important. These assets can become key elements of divorce negotiations – especially now that they have reached a potentially substantial value.
Supporting two households is more expensive, so both you and your ex may need to continue working and adjust to the quality of life you expect to enjoy in your retirement years. If one of you stays at home during your marriage, things can get even more complicated. The stay-at-home spouse is typically left with little retirement savings and earning potential.
Life insurance
Existing life insurance policies are valuable financial assets, not just safety vehicles, and their treatment can materially affect the long-term financial security of both parties. Because of this, policies should be carefully reviewed before any changes are considered.
In some cases, ownership and beneficiary changes are sufficient. In others, ending financial ties may require a complete overhaul of policies.
Importantly, some policies may have a significant fair market value, far in excess of their cash surrender value, if sold as a life settlement. In any case, there are several things to consider before deciding whether to retain, surrender, exchange or sell a policy.
Allowance
Alumni in Texas is reserved for divorcing couples who meet these specific criteria:
- A spouse is left without financial resources to meet his or her adequate needs when compared to the marital standard of living.
- The other spouse has the financial means to meet the recipient’s financial need.
Generally, alimony is granted only in cases where the marriage has lasted for at least 10 years. In divorces after age 50, alimony is more common and often lasts longer if one spouse stays home with the children, supports the other’s career, and provides earning capacity.
Financial planning
Throughout your marriage, you likely engaged in financial planning for the future and long-term goals. Divorce after a long marriage, however, can throw a wrench in those plans. Each of you will need to cover each of the following expenses yourself after the divorce.
- Accommodation expenses
- utility
- Additional living expenses
- Insurance and health care costs
As we age, our health care needs increase, with the possibility that we may need additional care, such as home health care, assisted living, or nursing home facilities. A gray divorce can seriously disrupt your financial planning, making it important to have a divorce attorney who will fully support your financial rights.
Your home and belongings
If you’re divorcing over 50, your marital home is likely full of memories and personal items. The thought of moving or dividing these items can often feel overwhelming. When deciding where you will live and who will keep what after your divorce, be sure to refer to your divorce decree to make sure you are within your legal rights and within your financial means.
It can also be helpful to refer to the Divorce Relocation Checklist and consider the size and needs of your future home when making these big decisions. And remember, it’s best to avoid fighting over items that are easily replaced. It’s not worth going back to court to decide who gets the toaster.
It’s not all bad news.
Although divorce is difficult and divorce is more common after 50, it is important to keep in mind that it is not all doom and gloom. The truth is that we are living longer, and divorce is not the end of later life. New opportunities are ahead, and you have a lot of life left.
After a divorce, you’ll have more time to reconnect with yourself and focus on what brings you joy and fulfillment. Your future could be extraordinarily rewarding, and in the meantime, there are several steps you can take to help you get there:
- Taking advantage of available support, such as friends, family members, support groups or counsellors
- Allow yourself time and grace to navigate this difficult transition, keeping in mind that your personal growth is not a race.
- Set and maintain strong boundaries with your ex and others who may criticize your decisions.
- Managing your stress, which can include a fun, new hobby.
- Making new connections by participating in activities you love
It’s time to consult an experienced Texas divorce attorney.
Divorce is extremely difficult, and divorce later in life can make it even more painful. If you are considering a divorce over the age of 50, your case may come with some special considerations. You need the guidance of an experienced Texas divorce attorney. Call us at (254) 566-3358 or contact us online for a free consultation.
