There are several contributing factors that may lead to a more complicated divorce. Significant assets, difficult exes and age can make reaching an agreeable divorce settlement difficult, and may even drag on proceedings for longer than either party is happy with. Complex property division might be especially troublesome for those older than 50.
The phenomenon of gray divorce — seeking a divorce after the age of 50 — is not necessarily new, but it is certainly more noticeable than it was in the past. This is partly due to the number of individuals in this age group. In 2010, nearly 100 million people in Texas and across the rest of the United States fell into the age range of 50 and up, while two decades before this group totaled a mere 63.5 million. People now live longer on average, too. With the higher number of people in this age group and longer life expectancy, it is no real surprise that the number of gray divorces has gone up.
Currently, one quarter of all divorces are gray divorces. The reason behind these filings vary, with many women citing abuse — typically emotional or verbal — or their husband’s addictions. Conversely, men tended to cite financial concerns or child rearing resentment, even when their children were adults who had left the home.
While the causes of gray divorce might not be the same from couple to couple, many face the same issues. Complex property division is a common feature of these types of divorce, as Texas couples have spent decades with joint bank accounts, shared mortgages and combined debt. Many also worry about their future retirements and how any savings might be affected. With so much on the line, seeking the guidance of an attorney who is well-versed in family law is useful for protecting a client’s financial future.
Source: theweek.com, “Why are so many baby boomers getting divorced?“, Jocelyn Elise Crowley, May 21, 2018