A divorce at any age can come with several challenges. For example, many young couples have small children to consider when negotiating divorce terms.
Late-life (gray) divorces involving those over 50, have increased in recent years, according to the American Bar Association. Some believe getting divorced late in life is much easier. Unfortunately, challenges still arise—they merely look different from those younger divorcing couples face.
Many divorced older Americans discover they can no longer afford to retire as early as expected. Even worse, retirement accounts and even social security benefits may be at risk in a gray divorce. Since Texas is a community property state you may be forced to split your retirement funds.
Older couples may be on Medicare or other government-sponsored healthcare plans, which can make it difficult to maintain health insurance after the divorce. Additionally, some have medical problems that require ongoing care, potentially adding to the financial burden of divorce.
Divorce can be an emotional experience at any age, but often more so for older couples who have been married for many years. Coming to terms with the end of a long marriage and the loss of a spouse can be a difficult and painful process.
Older couples may have a strong social network that is based on their marriage, such as friends and family who they socialize with as a couple. Divorce may disrupt this social network, often leading to feelings of isolation and loneliness.
If you are considering a late-life divorce in Texas, be aware of the challenges you may face. Obtaining legal and financial guidance may help you navigate the process and walk away with your property and other rights intact.