More and more Americans are choosing to end their marriages after decades, according to studies conducted over the last 10 years. The phenomenon, known as "gray divorce," pertains to couples in Texas and across the country who are filing for divorce after age 50. However, ending a marriage later in life can bring with it complicated divorce issues, many of which have to do with the division of assets and property.
With human life expectancy now well above age 70 for most people, couples who divorce at 50 are looking down the barrel of a further 20 years that was originally intended to be covered by retirement and other savings. However, in a state like Texas where the division of marital assets are determined on a community property basis, all marital assets are split down the middle. This means each spouse could have considerably less for his or her respective retirements than either of them planned.
The same holds true for 401(k), IRA and other savings plans. When combined with major assets like a family home or vehicles, this can be a major headache for both parties if they are not prepared to deal with it. Thankfully, there is a great deal of support available here in Texas for couples divorcing after 50.
Gray divorce, like any other marital separation, brings with it divorce issues that are unique to the individuals and the situation. Here in Texas, couples might choose to seek out the support of a qualified divorce attorney to address those issues and guide them through the often-complicated process of asset division. This can put both parties on the fast track to the rest of their lives.
Source: The Washington Post, "Gray divorce can drag both parties into the red", Rodney Brooks, April 9, 2016