Divorce can be emotionally difficult, especially when it comes later in life. Because older couples have had more time to settle into their careers and accumulate wealth, it can make resolution of property division disputes more problematic than it often is with young couples.
In so-called gray divorce, there can be more property and assets at stake, and less time to recover from the blows to a person’s financial health.
According to a recent article, research shows that the divorce rate among people age 50 and above doubled in the 20-year period ending in 2010. One of the researchers involved in the study says that the divorce rate among older couples has remained steady in the years since.
Experts say the spike in gray divorces are due to a number of factors, including longer lifespans, evolution of societal ideas of marriage and an increase in the number of working women. Also contributing to the rise is a higher rate of remarriage, which gives American couples more opportunities to divorce.
As we have noted in this space before, one of the most important decisions you will make in the process of your divorce is your selection of family law attorney. In some situations, it makes sense to compile a divorce team that includes a financial planner, therapist and accountant.
The Fox News article that we read also urged folks to remember to factor health insurance into their divorce agreements. After a split, a stay-at-home spouse will no longer be on their employed spouse’s insurance, so they will need to find coverage and the means to pay for it. Long-term insurance is offered as a possibility for people in that position to consider.
A Dallas family law firm experienced in divorces involving older couples can help you understand the unique challenges you face and the many options you have as you enter the process.