Some Say Gray Divorce, Some Say Silver Divorce, at Increasing Rates in Texas
Baby boomers divorcing in Texas may have been married for 20 to 30 years or more. The term gray divorce or silver divorce applies to husbands and wives over 50. From couples who grew apart, realized different goals or have different needs, baby boomers are making mid-life changes in direction.
Some men and women have grown apart from their spouse with whom they live more like roommates than a couple. When the kids are raised and out of the house, what is the focus on your marriage? Are you still on an exciting journey through life with your husband or wife? People are learning many can divorce peacefully and stay friends and good parents while going in their own directions, on their own.
In a gray divorce, baby boomers over 50 may have many years they still plan to work, and others are retired or preparing to wind down work. When there are significant assets, money, and property to consider for division, it is important to use experienced divorce lawyer counsel and make sure your bests interests come first and foremost.
Listen to this Richard T. Sutherland podcast: Community and Separate Property in Texas.
In Wichita Falls and around Wichita County and nearby communities, divorcing baby boomers may call Attorney Richard T. Sutherland for divorce over 50. For decades, Richard T. Sutherland has represented divorce clients in Northwest Texas with complex divorce, finance and property issues. To learn your rights and options in gray divorce in Wichita County, Texas, call Richard T. Sutherland at (940) 691-2100.
Gray Divorce Reasons
Different issues may lead to gray divorce, compared to younger couples. Parents over 50 have raised a family and watched their children grow. They may have increased focus on their own needs and goals. Over decades of adult life, men and women grow and learn about themselves and the world around them. When children are thriving as young adults, parents feel a sense of accomplishment. Baby boomer parents may also feel more comfortable getting a divorce.
After the kids are out of the house, couples tend to focus on their finances and how long they plan to work before retiring. Conflict arises during differences between savers and spenders. When you have limited time to earn and grow retirement money, the saver vs. spender issue can be one of the factors leading men and women in long term marriages to divorce.
Read our blog article: High-Net-Worth Divorce
Gray Divorce After 50
People are living longer and many healthy baby boomers over 65 today will live into their 90s. Increased life expectancy causes people to think about a few things:
- Is there enough retirement money to cover me if I live that long?
- Do I need to stay in an unhappy marriage?
- How do my spouse’s health and concerns affect me?
- Can I move closer to other family and spend time with them?
- Where are my work and income opportunities?
Questions about how to hire a lawyer? Listen to this Richard T. Sutherland podcast: Help! I Need a Lawyer!
Gray Divorce in Texas: Critical Issues
A person paying spousal maintenance by agreement or by order of the court may have a complex income and compensation package with a variety of benefits, all of which have value. The total compensation a spouse receives must be determined.
Money and assets inherited and maintained as separate property should stay with that spouse in the divorce. However, when money has been co-mingled and assets bought and sold, it can be a challenge to prove something is separate and not part of the community marital estate.
The value of property and assets, both separate and marital, must be determined using appropriate professionals and experts. Also, finding and accounting for all the assets is important. Sometimes people find what they thought was there, is not. Sometimes spouses discover the wasting of marital money when one is cheating and spending money on a paramour.
Retirement account and life insurance policies are reviewed for division in divorce in Texas. How and when you can exercise your rights to these accounts and money depends on many factors in your divorce and retirement plans.
Forbes also has an article on these general topics: 4 Main Challenges of a Grey Divorce
Gray Divorce and Finances
So many couples made sound financial and retirement plans and worked hard for the future. Along the way, some gain and lose money for all kinds of issues. Many times there is nobody to blame for losing money, other times it is someone’s responsibility.
Regardless of fault, the question you need to ask is whether I will have a better or worse financial position if I get divorced. However you answer that question, it is one you should face. A secondary issue is your education and earning capacity. For many baby boomers, there are career change opportunities where experience and maturity are valuable assets.
You and your financial advisors can review your options in divorce and how your money will carry you into your senior years, and whether you may need to keep working, and for how long.
Those with education and experience can work with consultants who help repackage your background and skillsets for new opportunities. Depending on your financial needs, you may find you have a greater range in your next steps.
Call Attorney Richard T. Sutherland for Gray Divorce in Wichita County, Texas
Richard T. Sutherland is an experienced divorce and family law attorney in Wichita County, Texas. Licensed in Texas (not Oklahoma), Mr. Sutherland is well-known for handling the challenging divorce, asset, and property division issues.
Richard T. Sutherland represents people and families in Wichita County, Archer County, Baylor County, Clay County, Foard County, Hardeman County, Jack County, Montague County, Wise County, Young County and Wilbarger Counties in North Texas and has accepted cases in other areas West, North-Central and in South Texas. For a consultation with Mr. Sutherland, and information about gray divorce in Texas, call (940) 691-2100.