A divorce can happen to any person of any age or background. However, researchers have recently seen a surge in the number of people getting divorced who are older than 50. A quarter of the people who divorced in 2010 were 50 years old or older, which is an increase of 15% from just 20 years earlier. The reasons for this are varied, but Texas families may be interested in the particular challenges that a divorce for people in this demographic may produce. A recent study found that there are certain financial difficulties that a person who experiences a gray divorce may encounter.
First, a person’s household wealth may drop by half and women are the ones more likely to feel the pinch. Many people in this age bracket are trying to help their young adult children afford college, which significantly adds to the potential financial burden. Those who have a gray divorce have less time and ability to build up previous financial investments that they had to divide in a divorce agreement. For those who may have already retired but feel the need to re-enter the workforce, that can be very difficult due to their age.
However, there are some benefits that come with divorcing later in life. Most people have more savings and assets built up overall. Also, despite the recent rise in gray divorce, only 11% of adults over 50 are divorced, which is not as high as the percentage for younger age groups. Researchers are hopeful that this research will inspire society to meet the challenge of caring for older adults who find themselves in this situation.
Whatever the age is of a person here in Texas who decides to divorce, it can present significant challenges. Those who have questions may want to seek the advice of an experienced family law attorney. It may be the best strategy for ensuring that all parties involved are treated fairly during proceedings and will have the means to start the next chapter of their lives.