713-333-4430The Unique Hurdles of Divorcing Later in Life
Couples who decide to part ways later in life face challenges that make the process distinctly emotionally and logistically complex. From dividing assets accumulated over decades to redefining identities outside of marriage, the journey of gray divorce is anything but straightforward.
After years of building a life together with your spouse, perhaps raising children, seeing them off into adulthood, possibly achieving some career milestones, and going through losses, gains, triumphs, and failures together, you suddenly find yourselves at a crossroads. Questions about your shared future, retirement plans, and even your identities outside of the union begin weighing heavily and somberly on your mind.
Divorcing later in life can involve significant legal and financial points of friction, such as asset division, insurance reviews, and spousal support, which can be cumbersome to factor in during one’s golden years and retirement.
Dividing Your Assets
Texas follows a community property standpoint, meaning that assets acquired in a marriage are presumed communal property among departing spouses and subject to an equitable division. Assets in this territory can include retirement funds and accounts, real estate, investments, and personal property. However, there are exceptions, such as assets obtained before the marriage or via inheritance, which may be considered separate property and not subject to division.
In a divorce later in life, couples often have accumulated significant assets over their years together, and the division process is usually more extensive and advanced. Working with an experienced divorce attorney is paramount to ensure a fair and equitable asset distribution.
Retirement Benefits
Retirement benefits are often one of the most consequential assets distributed in a senior divorce, with its value appreciating over the years. Texas retirement accounts acquired during marriage fall under community property and are subject to division. Accounts can include 401(k) plans, pensions, IRAs, and other savings vehicles and investment portfolios. Social security benefits are also taken into consideration. Valuing and dividing retirement benefits is crucial for securing a sturdy financial future post-divorce.
Spousal Maintenance
If one or both of the spouses is still earning an income from employment or business income, spousal maintenance may be needed to help one spouse get on their feet. The law allows for spousal maintenance to be awarded based on specific characteristics such as the length of the marriage, each spouse’s earning potential, and their individual financial requirements.
Health Care
Access to health care is a major concern for seniors and those approaching their golden years when divorcing. In Texas, COBRA insurance can be an option through a former spouse’s employer for a limited time following divorce, providing temporary coverage. However, exploring long-term health insurance options is critical to protecting your welfare and continuing preventive healthcare. It’s important to carefully consider, plan, and arrange for a continuation in health insurance or transfer to another option without a lapse in coverage.
Emotional Support
Feelings of loss and grief can surface as you mourn a relationship that spanned decades. A solid support system is crucial, but it can look different during this phase in life and this type of divorce. The people who might have been around to support us during a divorce in our 30s and 40s may not be there. Furthermore, you may have many shared acquaintances and friendships. Some relationships may drift apart during divorce proceedings, but you must identify an ally or two to keep in your circle. Finding a trusted individual or a professional, like a therapist, through such a transitional event as a divorce is often a wise idea.
Your Guide to The Next Chapter with a Texas Divorce Lawyer
Now is the time to start penning a new chapter of life on a fresh page, but this time, there is about to be so much more from everyone’s favorite character–you!
But to ensure you are poised to create fantastic new memories and flourish, you need a trusted and experienced legal advocate. Your divorce attorney will help you navigate the essential considerations mentioned above, ensuring that you receive an equitable distribution of assets, your rights are covered, you have the means to support your health, and that a reasonable spousal maintenance agreement is arranged before the divorce is finalized. Contact our team of lawyers at 713 333-4430 and schedule a confidential consultation with us.
Attorney Kevin Hunter at Boudreaux Hunter & Associates, LLC has experience with child custody, spousal support, high conflict divorce, and is fully equipped to guide you through the process. Learn more about Kevin on his profile here.
