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Divorce after age 55 can be complicated

On Behalf of | Sep 23, 2022 | High Asset Divorce |

Long ago in Texas and throughout the country, a lot of spouses would stay in an unhappy marriage for various reasons. Many spouses were parents who believed it was best for their children to keep their marriage intact. Others were worried about the stigma of divorce. Today, thousands of spouses age 55 and beyond are deciding to go their separate ways.

Divorce among seniors has become so common in the United States that the term gray divorce was coined in reference to it. When a couple has been married for three, four or more decades, they often encounter issues in a divorce that are not relevant to spouses who have not been together that long. Many such issues pertain to finances.

Retirement benefits, taxes and other issues are common in a gray divorce

By the time a Texas couple has been married for 40 years or more, they have often acquired many assets. This is especially true for those who are business owners. It is also not uncommon for older spouses to have estate plans in place or retirement packages through employment. These issues can have a significant impact on property division proceedings in a divorce.

A concerned spouse can request a meeting with an experienced Texas family law attorney. An experienced attorney can carefully review the spouse’s financial portfolio and make recommendations to help protect his or her financial interests to achieve a fair settlement. Meeting with an attorney ahead of time can help alleviate much of the stress and emotional turmoil that is often associated with a gray divorce.