28 Jun What You Need to Know About Gray Divorce in Texas
In the United States, the divorce rate is 2.3 per 1,000 people in the population according to the Center for Disease Control and Prevention. Divorce happens for a myriad of reasons and at varying times. A more common trend that many don’t realize is that people are getting divorced after years together and as they get older. This has become what is known as a gray divorce.
If you’re going through divorce and you are over the age of 50, you’ll want to hire an attorney to help you through the process. If you’re concerned about the basics of a gray divorce, read more below.
What is a Gray Divorce?
Gray divorce is the term coined for a couple the divorces a bit older in age. 1 in 4 people over the age of 50 experience gray divorce and 1 in 10 over 65 are experiencing divorce. The couple has generally been together for a long time, maybe decades. They have lives that are intertwined, many times adult children, and shared assets.
If you have been with someone for a long time, it is a massive life shift to separate and start a whole new chapter. You will need to navigate not only the divorce, but life after.
Things to Know and Tips to Keep in Mind
As you go through this process, here are three things you should know about gray divorce:
- Splitting assets – Texas is a common property state. This means that the court divides marital property fairly between spouses. If you have been married for a long time, the overall value of your assets tends to be greater. When you’re older, you might be considering health concerns or retirement income instead of full employment. Don’t let these factors lead to settling for an unfair split.
- Retirement considerations – If you are divorcing later in life, you might be retired or close to retirement. You likely have been saving throughout your career for your retirement funds, which get affected in the divorce. In Texas, the court requires fair division of retirement accounts through a Qualified Domestic Relations Order. You may receive half of your spouse’s investments or have to pay half of your investments to a spouse who does not have individual retirement savings. You are also eligible for up to 50% of your spouse’s retirement benefit without depleting their amount if you are older than 62 or the marriage lasted 10 years.
- Financial consideration – Spousal support is many times part of the divorce settlement because of the fact that one spouse is retired or might have been out of the workforce for a long time.
These are important aspects of divorce to navigate, but there is also the emotional aspect as well. Here are three tips to keep in mind:
- Seeking help can help – Regardless of the reason you and your spouse are splitting, getting help from a mental health professional is beneficial. Therapy can help you not only get through the divorce process itself, but any obstacles you encounter as you rebuild your life.
- Be kind to yourself – Change in life can be scary, especially one such as this. There will be good and bad days and aspects that are harder or easier about starting this new chapter. Be kind to yourself as you figure everything out.
- Remember your support system – whether you have family or friends, remember they are your support system. Let yourself grieve the loss of this chapter before you build a stronger one for the next.
Should You Hire an Attorney?
Divorce later in age may seem simple, especially if there are no custody arrangements to consider. This is not the case. Especially when it comes to your assets, you will want an experienced attorney there to make sure you have a divorce settlement that is best for you. Contact Navarette Bowen P.C. We have a team of experienced divorce lawyers that can help. Our main office is located in downtown Denton, and you can contact us to set up a confidential consultation to discuss your circumstances and receive guidance.