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Hurdles that are unique to older divorcees

On Behalf of | Sep 21, 2018 | Divorce

Older couples in Texas have been getting divorces at higher rates than ever before in recent years. This is a nation-wide trend. However, while nothing outwardly differentiates a gray divorce from an average divorce, these older divorcees will be facing some unique hurdles that younger couples will likely be able to avoid.

According to CNBC, a gray divorce can be a game-changer in terms of a person’s financial future. Older couples simply don’t have as much time to bounce back as a younger couple might. They could be cutting deeply into their retirement funds if the divorce is costly. A person could also be risking a monetary cushion that may have been viewed as entirely reliable, the pension plan or retirement savings of the spouse.

LA Times states that this is particularly harsh for women over 50, who often left the big financial decisions to their spouses while married. They suddenly find themselves needing to learn about financial planning and investing. A trend of couples leaving these responsibilities to one person in the marriage combined with a climbing divorce rate means that many people have to learn a completely new set of skills very quickly. This can be taxing.

Property division and alimony are also potential issues. Having more time to save is usually a good thing. When a couple is dividing those savings up, however, it can be quite painful and stressful. Despite these various potential problems, many couples still feel that divorce is their best option. It all depends on personal preference and financial capabilities.