Couples over the age of 50 are statistically more likely to get divorced compared to their younger counterparts. However, the process can also be more complicated because those who have been married for many years may have a number of assets such as a Texas home to divide. They may also have to answer questions related to alimony or protecting an adult child’s inheritance from being usurped by a future spouse.
Why asset division can be complicated
Older individuals are more likely to have a home, a retirement fund and other assets that take time to acquire or accumulate. Therefore, divorce settlement talks may be more contentious as neither side wants to lose out on their ability to retire at some point in the future. Furthermore, as time passes, it may be harder to determine if an asset is separate or joint property, which can further complicate settlement talks.
Divorce can impact adult children
While you may grapple over how to keep assets in the family, your children may be dealing with a multitude of emotions upon learning of your divorce. For example, they may face the prospect of having to host separate holiday dinners or the task of explaining to their children why they can’t see grandma or grandpa as much anymore.
You may struggle to recover
Separating from your spouse after years or decades of marriage likely constitutes a big change in your life. In addition to recovering from the financial damage of a divorce, you may also need months or years to recover from the emotional damage it can cause. If you were the lower earning spouse in the relationship, you may be entitled to alimony, and depending on the length of the marriage, those payments may be permanent.
Although a divorce can be a traumatic event regardless of why it happens, there are steps that you can take to minimize the damage. Tax records, bank statements and other documents may help you obtain the financial and tangible resources needed to survive on your own.