Harris & McKeown Law Firm

Gray Divorce After Decades of Marriage: Here’s What You Need to Know

Most couples marry with the expectation that they will grow old together. However, a person’s goals, hopes, and dreams often change as they age. At 65, you may not be the person you were at 35. When spouses’ needs no longer align, they may grow apart and separate. Going through a divorce after decades of marriage can be challenging, but you don’t have to do it alone.

 

Our knowledgeable family law attorneys at the Harris & McKeown Law Firm can help you prepare for a “gray divorce.” Keep reading to learn more or contact our office for a free consultation.


What Is Gray Divorce?


Gray divorce is a term that refers to divorce after age 50. Divorce later in life has become increasingly common, especially among aging Baby Boomers. Data from the U.S. Census Bureau shows that nearly 35 percent of Americans who divorced in one recent year were 55 or older, almost twice the divorce rate of any other age group surveyed.


What You Need to Know About Divorce After 50


Divorce after decades of marriage can be more complicated because partners have accumulated many assets, merged property, and combined debts. Making sure those assets are accounted for and evenly split in a divorce decree can be challenging. Below are some tips to keep in mind.

 
Retirement and Pension Account


As people age, they build wealth, and the funds in a 401k or other retirement accounts grow. Even if you have worked all your life to save money for retirement, when you divorce, pensions and employment retirement plans can be marital assets that are subject to division. Suddenly having to divide your nest egg can complicate your retirement plans.


Health Insurance 


You may lose out on healthcare benefits depending on your age and employment status. If you are on a partner’s health insurance plan and are not yet eligible for Medicare, you may have a gap in your health benefits coverage post-divorce.


Social Security


If spouses file for divorce at or above the age of 62, Social Security may be an issue. There are cases where gray divorcees may still be eligible for Social Security benefits based on their spouse’s earning history and the length of the marriage.


Your Source of Income


It can be challenging to financially prepare for divorce after 50. Although you may have years of professional experience, your job prospects may be slim when you are older. Before agreeing on a settlement amount, you need to consider your financial stability and your potential future earning capacity.

 


Children and Family


Your children may be grown and out of the house, but divorce can still impact them. Talk about the process with your children, even if they are adults. If you or your spouse support them financially, talk to your attorney about how this may factor into your separation.



Contact a Compassionate Family Law Attorney Today 


Divorce is never easy at any age. It can be especially complicated when you have been married for decades. At the Harris & McKeown Law Firm, we understand how challenging filing for divorce after 50 can be. Our compassionate team of attorneys will work with you to help you navigate the process and resolve your divorce in the most favorable manner possible. Contact our office today to set up a confidential legal consultation.


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The Costly Consequences of Divorce: Financial Implications

By Kaleen Harris • March 24, 2023
Divorce is often seen as a way out of an unhappy or broken marriage, but it can come at an immense financial cost that can have long-term implications on the life of those involved. Divorcees who are weighed down financially by divorce may struggle to provide for their families, purchase a home, pursue higher education, and more; in some cases, they find themselves worse off than if they had stayed together. Finances are a critical element to consider when contemplating divorce, so it is best to be aware of what finances and costs may come with the process. Preparation is key to ensure that you understand the financial consequences associated with this major life decision. Understanding the financial costs of divorce Divorce can be a complicated and expensive process, making it all the more important to understand the financial costs. Working with a divorce lawyer or another divorce professional can help parties understand the costs of divorce upfront, including filing fees, court costs, alimony, child support, and sometimes the cost of divided assets. Knowing these costs can help parties proactively plan budgets both during divorce proceedings and post-divorce. It is wise to hire a divorce professional who can provide guidance that may even save money in the long run. A Forbes article reports, "The median cost of a divorce in the U.S. is about $7,000, but this is not a one-size-fits-all price tag. The more complicated contested divorces—ones with disagreements around issues such as property distribution or child custody—can become significantly more expensive, often running up tabs well over $100,000." Dividing marital assets upon divorce When it comes to divorce proceedings, dividing marital assets can be a major source of contention. Depending on the state, marital assets can range from real estate and retirement benefits to inherited property. With so much at stake, attorneys' familiarity with case law is key in ensuring that both parties receive a fair and equitable portion of the marital estate. This change alters the financial status of both parties, as their previous unit has now become individual entities Spousal Payments Spousal payments are a common payment obligation often part of a divorce settlement. Unfortunately, such payments can have costly implications for the spouse obligated to pay. Depending on the terms of the court order or settlement agreement, spousal payments may last for several years and include interest if they are overdue. Additionally, if spousal payments are missed entirely, repayment will become due in full and is usually coupled with other penalties determined by the court order or settlement agreement. Therefore, making timely spousal payments is essential to avoid potential massive costs later down the line. A divorce lawyer in Cedar Park, TX can help you understand the terms of your spousal payment obligation and provide advice on how to manage those payments over time. Impact of custody arrangements on finances Divorce lawyers in Cedar Park, TX typically recommend that parents consider the financial impact of their custody agreement when determining what arrangement is best for the family. Splitting assets and providing support can become more complicated with young children, and it is important to keep their current and future needs in mind. If one spouse will be primarily caring for the children, then the other may need to make regular child support payments. If one parent is covering health insurance premiums and deductibles for doctor visits, they should expect contributions from the other parent to cover these costs. With careful planning and consideration, parents can structure a custody agreement that ensures the well-being of their children while also protecting all parties involved from financial hardship. When deciding whether to divorce or not, it is important to be mindful and aware of the costs and financial implications associated with divorce. Working with a knowledgeable divorce lawyer in Cedar Park, Texas can help in understanding these costs and achieving an equitable resolution. Taking legal action early on can also help to avoid future costly surprises during and after the process. Divorce is no small matter, and it is important to protect yourself, your children, and your assets throughout the process. Preparing and planning are essential to avoid completely upending one's life. With guidance from a trusted Cedar Park, TX divorce lawyer, like the Harris & McKeown Law Firm , you can ensure that all bases are covered when making decisions about dissolving a marriage. By understanding the financial costs of divorce in advance, both parties can plan accordingly while protecting their interests. A divorce lawyer can provide advice on the best course of action and represent you in court if necessary to ensure a fair resolution. Ultimately, your goal should be to leave the process as financially secure as possible. Harris & McKeown Law Firm has extensive experience handling divorce cases for individuals throughout Cedar Park and the surrounding areas. Contact us today for an initial consultation and to have a team behind you as you navigate this transition to a new life.
A couple of wooden figures standing next to a bunch of wooden houses and money.

Splitting Assets in Texas: A Guide to Dividing Property After Divorce

By Kaleen Harris • March 10, 2023
Divorce can be one of the most difficult experiences a person ever has to go through. Not only does it disrupt family life, generate emotional hardship, and potentially lead to economic uncertainty, but it also requires an intense amount of legal maneuvering to split assets properly. The process is intricate and can vary from state to state. Overview of Divorce Laws in Texas – What You Need to Know According to the legal framework of Texas, in a divorce, the court is tasked with dividing marital property in a way that it deems fair. It must also make sure that any obligations resulting from the marriage are observed and carried out. This is initially achieved through an even 50/50 split of all components of the marital estate. Afterward, further adjustments may be necessary, depending on several factors that can affect the degree of fairness involved. What Property is there to Divide? An important first step in asset division is determining which assets need to be split - such as real estate, cash, investments, and debt - should all be divided according to the terms of the divorce agreement. Each spouse should then consider their own needs and decide how certain assets will be divided between them. Once the two parties understand which assets are being contested during the divorce process, they can begin to negotiate how those assets will be divided. Divorce lawyers in Cedar Park, Texas, can provide invaluable advice when it comes to splitting up assets equitably. Divorce negotiations and settlements involve complex legal issues such as alimony, spousal support, and division of marital property. A divorce lawyer's expertise allows them to astutely assess the respective contributions that each party has made throughout the marriage, thereby helping both parties reach an agreement on a fair division of their collective assets. The division of assets is typically conducted through two different routes: either via an informal agreement between spouses or a formal court order. A Cedar Park, TX divorce lawyer can help you draft up an agreement or support you in court. Understand the Difference Between Separate and Community Property When it comes to divorce proceedings, it is important to understand the distinctions between separate and community property. Separate property refers to any assets or income owned by an individual before marriage or acquired during a marriage by inheritance or gift. Community property refers to anything acquired during a lawful relationship through joint effort and is divided equally at divorce. When in the middle of a divorce, it is assumed that everything jointly owned between you and your partner is community property. To reclaim any separate possessions from this pool, each spouse must present sufficient proof to back up their claim. Judges will use their discretion to fairly divide community property between both parties. Keep in mind that "equitably" does not equate to an even split; certain aspects of the situation are taken into account when coming up with a suitable arrangement. Determine Which Assets Are Considered Community Property Community property is an important area of law to understand, especially when encountering legal proceedings involving divorce or debt. Establishing which assets are considered community property between partners can be complex. It is encouraged to refer to municipal statutes and seek legal advice from a divorce lawyer in Cedar Park, TX, to accurately identify community-property assets, such as individual incomes earned during the partnership, or any acquisitions, such as mortgages that were made together. Thoroughly understanding community property laws can help promote harmony between individuals entering into pacts with one another and avoid confusion when dividing assets.  Distribute and Record the Assets Once it has been established which assets are community property, then they must be divided between both parties. This can be done through an agreement between the spouses or via a court order. With all communal finances being sorted out, it is essential to properly document and distribute each asset by the decree of divorce. By understanding applicable laws covering the matter, a divorce lawyer in Cedar Park, TX, can help you navigate potential pitfalls in asset division processes and ensure equitable outcomes for all parties involved. Divorce lawyers are therefore essential tools for achieving equitable divisions in asset-sharing proceedings. If you are in the process of a divorce or thinking you may be filing for a divorce soon, contact us at Harris & McKeown Law Firm in Cedar Park, Tx. We understand that the process of filing for a divorce is often overwhelming, both emotionally and financially. That’s why Harris & McKeown Law Firm in Cedar Park, TX offers experienced legal guidance and assistance with asset division matters. Our knowledgeable divorce lawyers can provide advice on how to divide up community property with an agreement. We are committed to helping clients reach fair and equitable agreements when it comes to dividing assets. Our legal team will guide you through the asset division process, using their expertise in Cedar Park, TX divorce law to ensure that your individual needs are met without having to resort to costly litigation. Contact us to learn more about our asset division services and how we can help you make sure your divorce is fair and equitable.
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