Gray divorce has increased exponentially in Texas, doubling for couples 50 and older and tripling for those over 65. While some may believe their age will protect them from financial hardship after the split, a gray divorce can become the perfect financial storm if both spouses are careless about their marital assets.
Gray divorce is more complicated
The older you are, the more assets you accumulate, so divorce becomes more complicated, translating to higher legal fees surrounding the split. Yet, other factors come into play, including:
- Stay-at-home spouses who have been out of the workforce for a long time
- College tuition bills
- Adult boomerang children
- Longer life expectancies
- Increased health costs
- Taking care of elderly parents
- Inexperience with finances
Going through a divorce can pose particular challenges to spouses who didn’t work for decades as they have no recent experience, translating to lower salaries. This situation can become even more challenging when financially-dependent adult children become part of the mix. Not discussing finances during the marriage is one of the causes of gray divorce, so one or both spouses often are shocked when they discover how little money they have.
Gray divorce also leads to a shorter timeframe to recoup the expenses in dividing assets. Additionally, both spouses will have less time to put money into their retirement accounts to keep them comfortable during their senior years.
Gray divorce can involved heightened emotions
Even if you and your spouse have agreed to remain friendly, dividing your marital assets often involves heightened emotions involving issues like the length of the marriage and loss of a dream. Such feelings can leave older individuals emotionally paralyzed and temporarily unable to get on with their lives if they are unsure which steps to take first.
Many spouses turn to counseling to help ease the stress of divorce. Learning how to regain your financial footing after the final decree can make the difference between a successful post-divorce life and one riddled with financial hardships. Take advantage of all psychological and financial resources that come your way to regain your confidence.