When you have been married for a long time, people might think that divorce is the last thing on your mind. However, you could still experience marital struggles at a later age that could lead to separation. Gray divorce is on the rise, and more couples in their 50s are calling off their marriages.
Separating at a later age could be complex due to its legal and financial implications. Here are three things you must consider when planning for a gray divorce.
Gray divorce involves elaborate property division
Divorce involves multiple legal matters, particularly when it comes to property division. Texas law considers most assets acquired during your marriage as community properties. This means that these jointly owned properties would be divided equitably, regardless of who bought them. Similarly, you will share your debts among yourself.
Equitable property division is not necessarily equal. Property division in Texas considers several factors to ensure that both of you will have a stable life after the divorce.
Separating at a later age involves intricate financial implications
You have probably established and acquired financial properties throughout your marriage, such as retirement plans, pensions and investments. Moreover, long-term couples might have intertwined finances as they depend on each other for financial stability. You could experience a shift in your finances during and after the divorce process.
During the divorce process, you will have to include your financial assets in the property division. This would follow equitable property division, similar to your other assets. There could also be provisions for spousal support, which could add to your expenses.
Gray divorce is an emotional process
Divorce is always a complex and emotional experience, no matter how long your marriage is or how old you are. Gray divorces not only affect you and your spouse but also the rest of your family. Nonetheless, going through a divorce could be a liberating decision for you. To ensure a fair and happy separation, seeking the guidance of an experienced divorce attorney is necessary. Legal professionals could guide you through the legal and financial intricacies of your divorce and provide suggestions on how to best go through your separation. A smooth and less contentious divorce could help you move forward in your lives with a light heart.
