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Property division needs different for older spouses

On Behalf of | Jul 16, 2013 | Property Division |

Baby boomers have often been heralded as the driving force behind various types of social change. Recent statistics suggest that older Americans may be continuing that trend by drastically changing the face of divorce. People over 50 are divorcing in record numbers, in Texas and elsewhere. These spouses will have very different property division needs than their counterparts in their 30s and 40s.

A multitude of factors come into play in regard to seniors and divorce. Social attitudes toward divorce have lessened the level of social stigma that was once associated with divorced Americans. As the average age of life expectancy continues to rise, many unhappy spouses simply do not wish to spend their golden years with a partner who does not meet their needs. For women, improved opportunities within the workforce mean that many have earned their own income, and do not require the support of a husband to survive.

When older spouses reach the negotiating table, they usually have a different set of needs than couples who are still building their families and careers. Child custody is not usually an issue, but property division is often far more complicated. Because people over 50 simply have less time left to build retirement savings, the decisions made at this stage of a divorce are of significant import.

For Texas seniors who are considering divorce, the first step is to understand the ramification of various options. Knowing where one’s needs to stand in regard to property division can help to guide the process, and avoid any unpleasant surprises when it comes time to settle or litigate. While many are eager to move on with their lives, it is important to handle property division issues with care.

Source: Grand Forks Herald, “Gray divorces rise as more baby boomers opt to end marriages,” Patricia Reaney, July 9, 2013