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Barbara L. Jouette, Attorney, P.C.
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Coping with a later-in-life divorce

As people age, they often take time to reflect on their life and their past decisions. Many married couples may find themselves with additional time on their hands as their children become adults and start their own lives. For many in Texas, it is a time of realization that their hopes and plans for the future are no longer compatible with those of their spouse, prompting them to seek a divorce.

Many people are realizing later in life that they would rather be alone than remain in an unsatisfactory relationship. Statistics provided by the Pew Research Center indicate that the rate of divorce for people aged 50 and over increased significantly over a period of 15 years. Often, the decision to seek a divorce later in life -- often called a "gray divorce" -- prompts people to reexamine their retirement goals.

Many older couples have planned for retirement, and their decision to end their marriage can complicate these plans. This may be especially difficult for someone who has been married for a long period of time and has had little experience managing his or her own finances. Regardless of the situation, having an experienced team to help examine a couple's entire financial situation -- including retirement accounts -- can help ensure that there is no bias in regard to reporting assets so that they can be evenly divided.

The decision to divorce typically comes after a great deal of thought and consideration. Once made, even more decisions must be made -- often with an estranged spouse. Because of the emotion that is often involved in the process, many people in Texas choose to seek guidance from an attorney who can help them make decisions based on rational thought rather than their emotions.

Source: U.S. News & World Report, "Gray Divorce: The Financial Challenges and Opportunities", Maryalene LaPonsie, April 20, 2017

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