While the overall divorce rate has purportedly declined, the same cannot be said for those aged 50 and older. Though there may be a variety of reasons for a couple to seek a divorce, the property division for those nearer to retirement age becomes more challenging and critical. Texas residents who are facing this prospect may have several concerns regarding their finances.
A divorce seldom happens in a vacuum, and there are usually several factors that contribute to the decision. One reason may simply be that divorce has become more acceptable. A couple may find that, once their children are raised, they no longer have any common interests. While past generations remained married due to societal pressures, couples today are more inclined to seek their personal happiness rather than preserve an unhappy union. Infidelity and addiction are two other common reasons that couples cite as a grounds for seeking a divorce.
One problem facing couples who divorce after a long marriage is their financial well-being. In many marriages, the husband has been the main supporter and handled all of the marital assets. In the event of a divorce, a wife may find herself struggling to adapt to her new financial circumstances. Couples nearing retirement age may be unable to recover financially without the support of an equitable settlement.
Due to the financial repercussions of "gray" divorce, it is imperative that the property division be handled with careful attention to the needs of the lower-earning spouse. Issues such as the division of retirement accounts and future Social Security benefits will most likely figure into the settlement, along with any pre-existing marital agreements. A later-in-life divorce can feel overwhelming. Texas residents may be best served by securing the guidance of an experienced attorney who can help devise an agreement that will best meet one's financial requirements now and in the future.