Over the past 20 years, divorce among couples over 50 has doubled, which has led to the coining of the term “gray divorce.” No matter how old you are, divorce is an emotional and often tumultuous experience that one is never really prepared for. However, for those divorcing later in life, there are some unique hurdles they must overcome.
Here are some key things you will need to complicate if you are divorcing after 50:
- The Process: While all divorces ultimately end with two individuals no longer sharing their lives together, the process of how they reach that end can differ greatly and impact the emotional and financial cost. If you believe you and your spouse are able to work out an amicable divorce, you should try to do so. This might involve seeking the assistance of a mediator. However you accomplish this, an amicable divorce is your best shot at saving money and reducing stress.
- Your Children: No matter how old your children are, they should always be considered as you go through the process of divorce. If you are over 50, chances are your children are older. There is often a lot of concern for children who are younger, but that does not mean older children should be neglected as you and your spouse sever your shared life. Consider how you choose to break the news to them and try not to create any tension in their lives.
- Your Finances: For individuals over 50, this is often one of the most concerning issues. Why? You are past your prime income earning years and likely looking toward retirement. This shift from saving and accumulation to consumption makes both parties less able to recover from financial mistakes, so the division of retirement benefits, such as a 401(k) or IRA, needs to be done thoughtfully. How you and your spouse choose to divide these assets will depend on numerous factors, including life expectancy, age difference, and other sources of available income.
- The Emotional Aspect: Since you are divorcing later in life, it is likely your marriage lasted longer than younger couples who divorce, making this a pretty dramatic change for your life. It is important to take some time to examine how you feel about it. The better you understand yourself and what you are going through, the easier it will be to make sound decisions during the process.
No two divorces are alike and, as such, yours will be specific to you and your own set of circumstances. As you embark on this new chapter in your life, address what is within your control and find the right guidance for questions that should be left to professionals.
Divorce Attorneys in Katy, Texas
At Adams Law Firm, we understand the challenges associated with divorce and all the emotions this process can stir. We have represented countless clients over the past 35 years, obtaining favorable resolutions and protecting their interests. Our team of Katy family law attorneys is ready to provide you with the outstanding representation you deserve.
Contact us today at (281) 391-9237 to get started on your case.