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GRAY DIVORCE IN TEXAS IS INCREASING. WHAT IS GRAY DIVORCE & WHY IS IT INCREASING?
- Texas Attorney Ryan Putz
- Jan 3, 2023
- 4 min read
Updated: Mar 24, 2023
What is "Gray Divorce?"
"Gray Divorce" is a reference to spouses over the age of 50 going through a divorce and are typically members of the Baby-Boomer generation. Over the past 20 years, the Gray Divorce rate has nearly doubled, while the overall divorce rate has seen a slight decline. Many high-profile cases, such as Bill and Melinda Gates, Billy Ray and Tish Cyrus, and Arnold Schwarzenegger and Maria Shriver, have brought attention to the growing number of Gray Divorces.
Why is “Gray Divorce” Increasing?
1. Children are Grown - Often times, a divorce is postponed until after the children are grown. Even though one or both of the spouses are not happy in the marriage, the spouses choose not to divorce until their children are raised.
2. Life Expectancy - People, on average, are living longer.
3. Financial Independence - It is more common for both spouses to be working and maintain financial independence.
4. Stigma Fading - The stigma surrounding divorce is fading.
5. Divorce Rate - Multiple marriages and divorces are not uncommon in the Baby Boomer generation, and this generation appears to have a lower success rate. The divorce rate for people over 50 who have been married more than once is 2.5 times higher than those who have been married only once, and remarried individuals over the age of 64 have a divorce rate nearly four times higher than those with only one marriage.
6. Retirement - When one or both spouses retire, the dramatic change in lifestyle can negatively affect the marriage. Some retired couples find that the increase in time spent together is not a source of happiness, or that personal interests in retirement are not compatible.
Unique Issues You May Need to Consider in a Gray Divorce
Retirement
Retirement funds are generally subject to division in a divorce as they are considered community property if acquired during the marriage. When you divorce close to retirement, the result of the division of the spouse’s retirement may lead to a less comfortable retirement for each spouse. A spouse may need to tap into their retirement funds earlier than expected, which may result in a delayed retirement.
Income And Spousal Support
Long-term marriages ending in divorce typically create many issues surrounding income. Each spouse needs to give careful consideration on how they will maintain an income stream to support their lifestyle and may require one or both spouses to rejoin the workforce. If one spouse has been the bread winner for the majority of the marriage, the spouses may be paying or receiving spousal support for up to 5-years. If you are retired and are living on a fixed income, the spouses must consider the costs of their individual expenses to live when that fixed income is divided.
Division Of Assets
Gray Divorces typically involve greater asserts due to the spouses having a greater period of time to accumulate assets and property. The division of the property, both community property and separate property may be extensive and subject to several considerations unique to Gray Divorce, such as the length of the marriage, retirement planning, estate planning considerations, and more.
Social Security
Often times, a spouse is entitled to benefits based on a spouse's social security, depending on the duration of the marriage and each spouse's respective income. Remarriage will stop any spousal social security benefits.
Competency
As people get older, there is an increased chance that competency may be an issue affecting that person's ability to represent their own best interests. In such a situation, an attorney or the court may wish to have competency proved and take measures to protect the rights of a party who is found not competent.
Long-Term Considerations
Estate planning considerations such as planning for long-term care, Medicaid planning, or preparing for one's final wishes are issues that often need to be considered in a Gray Divorce. It is advised that you update your estate plan both during and after the divorce.
MOVING ON AFTER A GRAY DIVORCE
Retain a Reliable Divorce Attorney - This step should be taken as soon as possible to help protect your financial future. During your divorce, many decisions need to be made that have an impact on your financial future, and a reliable divorce attorney can appropriately advise you regarding each decision’s legal and future implications.
Prioritize Mental and Physical Health - Getting divorced affects you emotionally, and even after your divorce, you may feel vulnerable and struggle with feelings of loneliness, abandonment, nostalgia, or anger. Take time to process your emotions in a healthy and productive way. Therapy and meditation are great avenues to process your emotions in a healthy manner. Stay active and take care of yourself by incorporating a regular physical fitness routine in your life.
Social Life - Avoid isolating yourself after your Gray Divorce. Surround yourself with friends and family while you mike this lifestyle transition. Take this time to explore a hobby or activity of interest.
OUR FAMILY LAW FIRM WILL HELP YOU NAVIGATE THIS DIFFICULT TIME
If you or a loved one are getting divorced later in life, the Law Office of Ryan Putz can help you understand your legal options and protect your interests. Whether you are filing for divorce or responding to your spouse filing for divorce, Attorney Ryan Putz works relentlessly to help achieve the best possible case outcome.
To schedule a divorce consultation and learn more about how we can help you, call (281) 206-2696 today or send us a message at ryanputzlaw@gmail.com.
PHONE: (281) 206-2696
EMAIL: ryanputzlaw@gmail.com
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