Ending a marriage at any age can make people feel scared about the future, but divorcing after 60 can be especially destabilizing.
And as so-called “gray divorces” become increasingly common in the U.S., it can be crucial for older individuals to know what to expect and how to minimize the challenges they may face.
Seeking spousal support
During decades of marriage, it is not uncommon for one spouse to leave the workforce to take care of their home and children. And after the kids have left home, it can be unrealistic for that person to go back to work after such a long time.
These parties may be eligible to collect spousal support. This money can be available for parties who were financially dependent on their spouse during marriage and do not have the resources to support themselves after divorce.
Depending on several factors like the need for support and the lifestyle parties had during their marriage, courts can approve temporary or permanent orders for spousal support.
Dividing complicated assets
The longer people work, the more robust their assets can be. For instance, compared to younger people just starting their careers, it can be more likely for older Texans to have:
- Significant retirement savings
- Real estate
- Business investments
- Stock portfolios
- Collections of jewelry, art or other valuables
These assets will generally be eligible for distribution if a person collected them during their marriage. Thus, it can require special financial attention to value these properties and divide them per Texas property division laws.
Protecting your priorities
If you are over 60 and divorcing, your priorities may look very different today than they did decades ago.
For instance, you may not worry about matters like child custody or child support. Instead, you may be focused on having the resources to retire comfortably, holding on to sentimental property and helping the process move as swiftly as possible.
Further, one or both parties in these divorces can have concerns about their health care needs now and in the future. Ensuring a divorce does not jeopardize a person’s well-being can be vital.
Focusing on the next stage
Divorcing after 60 is a significant life event and comes with challenges. However, preparing for these challenges and working with an attorney to overcome them can empower parties to look toward the future with hope and find happiness.