The end of any marriage can be a very emotional and taxing experience. However, older couples who are going through a divorce later in life can experience a myriad of unique and special challenges. Divorce rates among couples who are over the age of 60 have risen significantly in recent years, not only in the state of Texas but across the country. Older couples who are going through a split can stay secure and happy through their golden years by gaining an understanding of their options and the common issues that go along with ending a marriage later in life.
Today, the end of a marriage doesn’t hold the same social stigma that it once held. Later in life, couples find that marriage is more about fulfillment and happiness rather than an obligation to their children or each other. Once careers are built and children are grown and no longer a part of the household, couples often reassess their lives together. When older couples decide to split, finances, assets and retirement are issues that often arise.
Retirement savings are a common issue when older adults decide to end a marriage, and some older couples often rush into a divorce without contemplating how it will affect their finances over their remaining years. When older couples split, there is less time to regain lost retirement contributions or rebuild home equity if property is being sold. The financial aspects of a late-life divorce can quickly become overwhelming when factoring in such things as lawyer fees and the divisions of assets.
These days, older adults are living longer and healthier lives. With many good years ahead and children grown, staying in an unhappy marriage is less appealing. For years, the perception was that older couples just do not separate. However, divorce rates in this age demographic are continuing to climb. Those individuals in the state of Texas who are contemplating divorce could greatly benefit from seeking the services of an experienced family law attorney.
Source: theoldish.com, “Gray Divorce: Planning for Separate Retirements“, Heather Vincent, July 17, 2017
