Divorce After 50 Is More Challenging

If you’re considering a divorce over the age of 50, your case may come with some special considerations.

Divorcing after 50 is challenging. If you are over the age of 50 and are seeing signs that you are headed for a divorce (often called a gray divorce), having a better understanding of the challenges you face is advised. An experienced Texas divorce attorney can help you understand the challenges ahead and prepare you to overcome them.

Your Children

While you’re unlikely to face a child custody battle in your gray divorce, your divorce will probably still put an emotional toll on your children. Young adults experience a profound sense of loss when their parents divorce, and it can negatively affect their ability to find balance in life. 

Divorce can also affect your ability to help your children financially, derail your children’s college path, and cast a shadow over your family’s future plans. In other words, your divorce will affect your children, which can amplify the emotional pain you experience.

The Emotional Impact of Starting Over

Gray divorce generally comes after a marriage of many years, which can compound the grief experienced. Additionally, you’re nearing or have reached retirement, and divorce can leave you with financial uncertainty or altered plans.

There is a lot to process when you’re going through a divorce, and if you’re over 50, the hardships you face can be that much more difficult to overcome. Consider the following challenges common in gray divorces:

• If you stayed at home while your spouse worked, divorce could leave you needing to earn a living but without the experience or work history to jumpstart a career.
• You may need to forge a new career while your peers are ending theirs.
• Starting a new romantic relationship can be intimidating after decades of marriage.
• As we age, we tend to become more resistant to change, which can make the changes ahead more difficult. 
• The risks of isolation and anxiety are serious concerns for older divorcing adults.   
• The longer the marriage, the more likely you are to believe in its ability to endure, which can make divorce even more daunting. 

Divorce after 50 can hit hard, and you may have no idea where to turn for help. By reaching out for the skilled legal guidance of a seasoned divorce attorney, you help ensure that your financial rights will be protected throughout the legal process and pave a smoother path toward a vibrant post-divorce future.

The Financial Implications of Gray Divorce

Financial matters are a serious concern in gray divorces, especially when considering the division of marital property. Marital property refers to anything you and your spouse came to own while you were married, regardless of who made the purchase or signed the papers. If you became owners of the asset while you were married, it’s almost certainly a marital asset.

Exceptions to the Rule

The following kinds of assets are not considered marital property:

• Gifts given to only one spouse
• Assets inherited by only one spouse
• Pain and suffering compensation from a personal injury claim

Factors Considered

In Texas, marital assets must be divided in a manner that is considered “just and right,” which means fairly in relation to the following factors:

• The duration of the marriage
• Each spouse’s contributions to the marriage, including childcare and homemaking
• Each spouse’s earning potential
• Each spouse’s age and overall mental and physical health
• Any fraud on the community estate, such as hiding, giving away, spending down, or artificially diminishing marital assets in the buildup to divorce
• Wrongdoing by either spouse
• The tax implications of the proposed division of marital property

While the presumption is that marital assets will be divided equally in divorce, Texas may allow for a more lopsided division if the circumstances support it. 

Separate Property

Separate property refers to assets that either spouse brought into the marriage and kept separate throughout. These assets remain the separate property of the original owner. Over the course of a long marriage, however, the line dividing separate and marital property can weaken. Further, any increase in the value of a separate asset during the marriage is considered marital property.

Financial Considerations

There are several unique considerations that tend to apply in divorces that take place after the age of 50.

Retirement Accounts

Gray divorce can have a serious impact on retirement savings. During your marriage, one or both of you likely built up a nest egg in retirement accounts such as IRAs, 401(k)s, and pensions.

Dividing these assets tends to be complicated but significant. These assets can become key elements of divorce negotiations – especially now that they have likely reached significant value. 

It’s more costly to support two households, so you and your ex both may need to continue working and adjust the standard of living you expect to enjoy in your retirement years. Things can be even more complicated if one of you stayed home during your marriage. The at-home spouse is generally left with far less retirement savings and earning potential. 

Life Insurance

Existing life insurance policies are valuable financial assets, not just protection vehicles, and their treatment can materially impact both parties’ long-term financial security. Because of this, policies should be evaluated carefully before any changes are considered. 

In some cases, ownership and beneficiary changes are sufficient; in others, policies may need to be replaced entirely to untangle financial ties. 

Importantly, some policies may have significant fair market value, far exceeding their cash surrender value, if sold as a life settlement. In any case, several considerations should be weighed before deciding whether to keep, surrender, replace, or sell a policy. 

Alimony

Alimony in Texas is reserved for divorcing couples who meet these specific conditions:

• One spouse is left without financial means to cover their own reasonable needs compared to the marital standard of living.
• The other spouse has the financial means to offset the recipient’s financial need.

Generally, alimony only applies in cases in which the marriage lasted at least 10 years. In a divorce after the age of 50, alimony is more common and often lasts longer if one spouse stayed home with the children, supporting the other’s career and earning potential.

Financial Planning

Throughout your marriage, you likely engaged in financial planning for the immediate future and long-term goals. Divorce after a long marriage, however, can throw a wrench into those plans. Each of you will need to address each of the following expenses on your own post-divorce:

• Housing costs
• Utilities
• Additional living expenses
• Insurance and healthcare costs 

As we age, our healthcare needs tend to increase, along with the potential that we may require additional care, such as home health care, assisted living, or nursing home facilities. A gray divorce can seriously disrupt your financial planning, making it essential to have a savvy divorce attorney who will fiercely advocate for your financial rights. 

Your Home and Belongings

If you are divorcing over the age of 50, your marital home is likely to be full of memories and personal items. The thought of moving out or dividing these items can often feel overwhelming. When making decisions about where you will live after your divorce and who will keep what, make sure to refer to your divorce decree to ensure that you are within the bounds of your legal rights and your financial means.

It may also be helpful to refer to divorce moving checklists and consider your future home’s size and necessities when making these big decisions. And remember, it’s better to avoid fighting over items that are easily replaced. It’s not worth going back to court over who gets the toaster.

It’s Not All Bad News

While divorce is difficult and divorce after 50 is more so, it’s important to keep in mind that it’s not all doom and gloom. The truth is that we are living longer, and divorce later in life isn’t the end. New opportunities lie ahead, and you have a lot of living left to do.

Post-divorce, you’ll have more time to reconnect with yourself and focus on what makes you happy and fulfilled. Your future can be exceptionally rewarding, and in the meantime, there are many steps you can take to help you get there:

• Taking advantage of available support, such as friends, family members, support groups or counselors
• Allowing yourself time and grace to navigate this challenging transition, keeping in mind that your personal growth isn’t a race
• Setting and maintaining firm boundaries with your ex and others who may want to criticize your decisions
• Managing your stress, which can include taking up a fun, new hobby
• Cultivating new connections by participating in activities that you enjoy

It’s Time to Consult with an Experienced Texas Divorce Attorney 

Divorce is extremely difficult, and divorcing later in life can make it even more painful. If you’re considering a divorce over the age of 50, your case may come with some special considerations. You need the guidance of an experienced Texas divorce attorney. Call us at (254) 566-3358 or contact us online for a FREE consultation.