Divorce is Increasing for Those Over 50 | IL

 Posted on August 29, 2024 in Divorce

According to the most recent national statistics, approximately 40 percent of the people getting divorced these days are 50 years of age or older. Even more surprising is that the divorce rate for couples over the age of 65 has now tripled. Many of these couples are no longer willing to remain in unhappy marriages with retirement just around the corner.

While every divorce has issues that need to be addressed, issues in a "gray divorce" can be different than those of a younger couple or one who has been married for a shorter period of time. This is one reason why it is important to have a seasoned Texas divorce lawyer advocating for you and making sure your financial future is protected.

Why the Increase in Gray Divorce?

It is estimated that one out of every two women and one out of every three men currently in their fifties will live to be 90. About half of all married couples currently in their fifties will have at least one spouse who will still be alive at the age of 92. Americans are living longer, but along with that longevity, there is an almost 65 percent increase in gray divorce. Some common factors that lead to these breakups include:

• Empty nest syndrome – All the kids have grown and are now living on their own, often with their own families. This can lead to the realization that other than their partnership as parents, the couple has very little in common. Couples find they have just grown apart. Sometimes this distance can even lead to infidelity.

• Financial issues – Disagreements over money are one of the most common causes of fights cited for married couples. After years of these disagreements in a long-term marriage, one or both spouses may decide they have had enough and that it is time to walk away.

• Health issues – Unfortunately, serious or chronic health issues can also be a driving factor in gray divorce. If one spouse becomes sick or disabled, the other spouse may not be able to handle the care the ill spouse needs. Interestingly, studies show that the rate of divorce is higher in couples where the wife becomes ill compared to the rate for couples where it is the husband who has health issues.

Planning for a Gray Divorce

Gray divorcees face unique challenges that require careful planning. As retirement approaches, it is essential to consider the division of retirement accounts, pensions, and Social Security benefits. Health insurance and long-term care should also be addressed, especially if one spouse has been reliant on the other’s coverage. Additionally, gray divorcees need to think about the impact on estate planning, including updating wills and beneficiaries. Ensuring financial stability post-divorce is crucial, so consulting with a financial advisor and an experienced divorce attorney can help navigate these complexities.

Contact a Travis County, TX Gray Divorce Attorney for Legal Guidance

If you are over 50 and have decided to end your marriage, there are a number of financial decisions that may need to be addressed, including division of assets, real estate, retirement accounts, spousal support, and more. Call Powers Kerr & Rashidi, PLLC at 512-610-6199 to meet with one of our seasoned Austin, TX divorce lawyers. All of our firm attorneys are Board Certified in Family Law by the Texas Board of Legal Specialization.