According to Pew research, the divorce rate for those 50 and older has doubled since 1990. In many cases, Texas residents who are ending their marriages will have an attorney to help them navigate the process of doing so. However, it may also be a good idea to have a financial adviser on a divorce team as well. A financial adviser will likely be able to help with potential challenges arising from the passage of the 2017 Tax Cuts and Job Act, or TCJA.
When people in Texas are going through a divorce, they might try to negotiate an agreement for child custody or property division. However, they may be unable to reach an agreement, or one spouse might simply be uncooperative. It could be necessary to decide whether to settle or to continue on to negotiation.
In Texas and elsewhere in the United States, couples over the age of 50 are getting divorced at an increasingly higher rate. More specifically, there were twice as many 'gray divorces" in 2010 as there were in 1990, according to one study.
More than two-thirds of divorces are initiated by women according to a 2015 study by the American Sociological Association. Women in Texas may file for divorce from their husbands for a number of reasons, but the underlying theme of all those reasons is that marriage tends to hold fewer advantages for women compared to men.
When people in Texas get a divorce, they may have retirement accounts to divide. Certain types of retirement plans must be split using a document called a qualified domestic relations order. A marital separation agreement or divorce decree is necessary when splitting an IRA. While this is normally a straightforward process, if the person who owns the IRA has been taking 72(t) distributions, there might be complications.
Divorce rates are dropping among younger adults, but it is increasing among older adults. "Gray divorce" refers to this phenomenon, and the 65 and older age group is getting divorced at a rate that is three times higher than it was in the 1990s. Since Texas is a community property state, this means that assets are supposed to be divided equally.
Texas residents may be surprised to learn that it can take about five years for an individual to recover financially after a divorce. There are some preventative measures that individuals can take in order to speed their recovery if they get a divorce in the future.
Couples who take great pains to draft a detailed marital termination agreement in a divorce case can find that their post-divorce lives change in unexpected ways and that the divorce decree no longer fits one or both individual situations. This circumstance is especially common for divorced couples with minor children or jobs that require frequent travel.
One of the most difficult issues in almost every divorce in Texas is "dividing" the house. How can this be done?