An unhappy marriage is an unhappy marriage regardless of age. While in the past some unhappily married couples might have felt as though they had no options but to stick it out because of their age, current attitudes are much different. The Pew Research Center reported that, over the past 25 years, divorce actually decreased by 21 percent among adults between the ages of 25 and 39. For those over the age of 50, divorce rates skyrocketed by 109 percent.
Those in Texas going through a gray divorce — splitting up after 50 — usually deal with specific financial concerns that their younger counterparts might not have to think much about. For instance, divorcing at age 20, 30 or even 40 leaves an individual with plenty of remaining working years and earning potential. For younger adults, any financial hit from divorce can usually be made up. Those aged 50 and up do not have this luxury, and many have to figure out how to ensure their financial security for their retirement years. This is complicated by a shrinking asset pool that might have already grown stagnant.
Since each decision has the potential to affect a person’s financial security, it is important to work with the most accurate and up-to-date information. This means that divorcees should have their assets properly valued. This includes things like physical property — cares, homes and more — as well as retirement savings and Social Security benefits. Understanding what everything is worth can be helpful when it comes time to make difficult decisions, such as what to do with the marital home.
No one in Texas wants to come out on the other side of divorce without a secure financial foundation upon which to stand. However, the stakes are generally higher for those who are over the age of 50. To ensure continued financial security well into their retirement years, many divorcees choose to work alongside an experienced counsel who can look out for their best interests.