More married couples in Texas and elsewhere are deciding to breakup near their golden years. This may seem like a convenient time to break up a marriage since the children are grown at this stage of the parents’ lives. However, from a financial standpoint, it can be an inconvenient time to get a divorce.
Research shows fewer young adults are getting divorced, whereas gray divorce — or divorce later in life — is skyrocketing. In fact, the rate of divorce among adults 50 years old and older is now two times what it was in the 1990s. Meanwhile, the rate is triple what it was in the 1990s for those 65 years old and older.
Unfortunately, a marital breakup can have a major impact on a couple’s retirement savings, thus forcing them to make adjustments to their retirement plans. After all, they might have to adjust to living off of less income as single adults than they would have had as a married couple. Likewise, they will have fewer assets following divorce than they would have had if they had remained married.
Of course, divorce can understandably be stressful no matter how long a couple has been married. However, if two spouses are willing to go through divorce negotiation or mediation rather than traditional divorce litigation, this may help to alleviate much of the stress and animosity that typically comes with the end of a marriage. Through these processes, they can work toward an agreement that pleases both parties when it comes to matters such as asset distribution. A qualified divorce attorney in Texas can help a client to pursue the most personally favorable outcome considering the circumstances surrounding his or her marital breakup.
Source: washingtonpost.com, “A ‘gray divorce’ can devastate your retirement plans. Here’s how.“, Michelle Singletary, March 26, 2018