Divorce Over 50

Clark Law Group > Divorce > Divorce Over 50

Fort Worth Lawyers Helping People Over 50 With Divorce

Divorce can be a challenging process for anyone, regardless of their age. However, individuals who are over the age of 50 and getting divorced in Texas often face unique challenges that require careful consideration. As you ponder the idea of divorce, it is natural to feel overwhelmed and unsure about where to turn. At Clark Law Group, we understand the challenges faced by individuals over 50, and we are committed to helping our clients by providing compassionate yet determined legal representation. We work to ensure that their rights are protected while also advocating for their interests during divorce proceedings.

Essential Considerations for Getting Divorced After 50

If you are looking to get a divorce when you are over the age of 50 (commonly known as a “gray divorce”), various issues must be addressed to complete the divorce process effectively and efficiently while preserving your best interests. Here are some essential legal considerations for anyone over 50 who is getting divorced in Texas:

Property division – In Texas, the law requires community property to be divided in a fair, but not necessarily equal, way. When it comes to property division in a gray divorce, it is essential to consider factors such as retirement accounts, pensions, and other assets that may have been accumulated over a long period. The division of property may be more complicated in these cases. As a result, it is imperative that you work with an experienced divorce attorney to ensure that your assets will be divided equitably.
Spousal support – Sometimes referred to as alimony or spousal maintenance, spousal support is another essential consideration for individuals getting divorced over 50. Spousal support may be awarded to a spouse who has been financially dependent on the other spouse for an extended period. It is intended to provide financial assistance once the divorce has been finalized so that a spouse will be able to meet their ongoing needs. The amount that will be paid and the duration that spousal support payments will last will depend on several factors, such as the total length of your marriage, the earning capacity of each spouse, and the standard of living you and your spouse enjoyed while you were married. Again, working with a knowledgeable divorce attorney can help you make sure this complicated issue will be handled correctly.
Retirement accounts – Retirement plans such as 401(k) accounts and IRAs are often significant assets possessed by people who are 50 or older. Often, these accounts may have been accumulated over a long period, and they can be subject to complex rules and regulations. Determining how to divide these accounts fairly can be difficult, and you may also need to take steps to ensure that early withdrawal penalties or taxes will not be applied when transferring funds between accounts held by you or your spouse. As with other aspects of property division, it is crucial to work with a divorce attorney who is experienced in helping clients get divorced over age 50 so that you can mitigate the burden of this challenging and often complex process.
Estate planning – Issues related to a person’s estate are often at the forefront of divorce for spouses over the age of 50. If you die without a will in Texas, your property will be distributed according to the state’s intestacy laws. A divorce can affect your existing estate plan, so it is essential to update your plan after your divorce has been finalized.
Health insurance – If you are getting divorced and are covered by your spouse’s health insurance plan, you may lose that coverage after your divorce. It is important to be aware that programs such as COBRA may allow you to stay on your spouse’s policy for up to 36 months after the divorce, although it is often preferable to make other arrangements to ensure that affordable health insurance coverage is in place.

How Common Is Divorce for People Over 50?

In recent years, divorce among people over the age of 50 has markedly increased. This can be attributed to longer life expectancy, shifting societal norms, increased financial independence, and more. As these factors become more prevalent in our society, we can expect gray divorce rates to continue rising as we advance through the 2020s.

What Is a Gray Divorce?

Gray divorce occurs when the divorcing couple is over the age of 50. “Gray” is in reference to the hair color of many older people. The term “gray divorce” has increased in popularity in recent years as more and more people are deciding to dissolve their marriages later in life.

How Can You Plan for a Divorce When You Are Over 50?

There are many ways you can plan for divorce when your are over the age of 50. First, it will be important to consult with an experienced divorce attorney to guide you through the legal aspects of the divorce. You will then want to assess your financial situation. This may involve fully accounting for your debts, assets, retirement savings, etc. Working with a financial planner can help you set yourself up for long-term financial stability. It will also be essential to ensure you have adequate levels of emotional support from friends or family, as a divorce late in life can present unique emotional and financial challenges.

What Makes Divorce When You Are Over 50 Unique?

Gray divorce presents unique challenges that other forms of divorce may not include. For example, as is often the case in gray divorce, the couple may have accumulated significant assets, retirement savings, and established social networks, making the divorce process more challenging to deal with. Financial considerations often play an important role in gray divorce. During proceedings, you and your lawyer will need to determine which assets are marital and which are non-marital. Non-marital assets cannot be divided between the divorcing spouses, but marital assets can be.

How Will My Divorce Affect My Retirement?

The division of assets process, which in gray divorce often includes retirement savings, can reduce the amount available for retirement. Additionally, those assets may also be affected if you were relying on your spouse’s retirement benefits, such as a pension or Social Security. You can work with a financial advisor and divorce lawyer to understand the potential implications of your divorce and develop a new retirement strategy that aligns with your post-divorce financial situation.

How Does Spousal Support Work in a Gray Divorce?

Like in any divorce, spousal support is not guaranteed, but it is instead based on the circumstances surrounding the divorce. Spousal support provides financial assistance to the lower-earning spouse, ensuring they can maintain the standard of living enjoyed during the marriage. The time the couple was married, each spouse’s income, and a person’s earning potential can contribute to whether spousal support is deemed appropriate. In a gray divorce where both spouses may be nearing retirement, the duration of support may be shorter, but the amount could be higher to account for the limited time left to build financial stability.

How Does High Net Worth Affect a Gray Divorce?

When a couple has substantial assets and complex financial portfolios, the division of property and assets can become more challenging and contentious. The process may involve valuing businesses, investments, real estate, and other valuable assets. Additionally, retirement accounts, pensions, and other financial instruments must be carefully evaluated and divided. The involvement of financial professionals like forensic accountants or real estate appraisers may be necessary to ensure an equitable distribution of marital property.

How Do Marital Debts Acquired Over a Marriage Get Divided in a Gray Divorce?

In a Texas gray divorce, debts acquired during the marriage are divided along with marital assets. Texas is a community property state, meaning that all assets and debts acquired during the marriage are considered community property and thus subject to division in a just and right way. This includes debts such as mortgages, credit card debts, and loans. It is important to note that debts incurred before the marriage are considered separate property and, thus, they are not subject to division.

What Are the Financial Risks of a Gray Divorce?

One significant risk involves the division of assets, which can impact retirement plans and financial stability. Splitting retirement accounts, pensions, and investments can reduce income for both parties. Additionally, the cost of living may increase as each spouse has to maintain a separate household. Healthcare expenses may also become a burden, especially if one spouse loses access to the other’s employer-provided health insurance. Lastly, the potential loss of Social Security benefits can be devastating, especially if one spouse has been out of the workforce, further exacerbating financial challenges.

Are There Alternatives to a Gray Divorce?

Yes. One option is marriage counseling or therapy, which can help couples address underlying issues and improve communication and understanding. Seeking professional help can provide a safe space to work through challenges and find solutions. Mediation is also an option in which a neutral third party helps facilitate discussions and negotiations to help a couple reach mutually agreeable solutions. Exploring these alternatives can potentially save a marriage, and it may provide a chance for couples to rebuild their relationship.

How Are Marital Assets Divided in a Gray Divorce?

Marital assets will be divided based on the principle of community property. Property obtained during the marriage is considered jointly owned by both spouses, regardless of who earned or purchased it. Meanwhile, assets that were acquired before the marriage or through inheritance or as gifts are not considered community property and will not be subject to division. Courts in Texas strive for a “just and right” division of community property, considering factors like each spouse’s earning ability, contributions to the marriage, and the needs of each party.

How Are Children’s Expenses, Such as College, Divided in a Gray Divorce?

Parents are encouraged to create a detailed parenting plan that outlines the financial responsibilities of both parties. This plan may include provisions for contributing to children’s college expenses, such as tuition, books, and housing. Some divorcing couples may opt to establish a savings account or trust fund for their children’s education. In other cases, parents may agree to share the costs of college equally or in proportion to their respective incomes. Parents need to work together and consider the best interests of their children when determining how to divide these expenses