When spouses in Texas decide to separate later in life, they are often faced with some unique situations. In the last 30 years, the divorce rate for adults aged 50 or older in the United States has skyrocketed. Since older spouses are typically more established and have more marital assets, a gray divorce can cause a seemingly perfect storm of financial challenges.
It will take time
It’s safe to say that those who are going through the process of divorce want to get it over with as quickly as possible. However, in gray divorce cases, trying to finalize the separation too quickly can result in one party not receiving his or her fair share of assets. Some of the most common financial areas that are impacted by a gray divorce are retirement, real estate, insurance and Social Security benefits. It is worth taking the appropriate amount of time to sort through these vitally important financial aspects no matter how difficult it may seem.
Financing the divorce
Paying for the actual divorce can be overwhelming for older adults. Fees for attorneys, appraisals, court filings and other things that come with divorce can add up quickly. To finance a gray divorce, withdrawing from individual retirement accounts or annuities may be necessary. Individuals may also want to consider personal loans from banks or credit unions. With personal loans, it is important to make payments on time so credit scores are not negatively affected.
Be optimistic
Any time a marriage ends, both spouses can expect to go through some difficulties. However, ending a years-long, unfulfilled marriage can be the best way to ensure happiness in the future. Those in Texas who are thinking about divorce and have questions could get answers by meeting with a seasoned legal professional. A knowledgeable family law attorney can provide protection and guidance throughout this complex process.