Divorce after the age of 50 is commonly referred to as “gray divorce.” The process of getting divorced when you are older is the same, but there are some unique aspects, particularly related to finances. Our Austin gray divorce attorneys can help you navigate your divorce, working to protect your interests and getting you the best possible outcome.
At the Law Office of Jason Wright, we represent clients in all types of family law matters, including divorce, spousal support, child custody, and child support. If you are contemplating divorce after the age of 50, we can help you understand your options and work to protect your financial future. Contact our law firm today to schedule a consultation with an Austin divorce attorney.
What Is Gray Divorce?
Gray divorce is a term coined in 2012 to describe couples aged 50 or older getting divorced. Studies show that while the overall divorce rate in the United States has decreased slightly, 36% of all Americans getting divorced are aged 50 or older. Perhaps more significantly, the only age group with an increasing divorce rate is people over the age of 65.
There are many reasons why couples may choose to get divorced, sometimes after decades of marriage. They may have grown apart after their children left home. There could be long-standing unresolved conflict in the marriage that comes to a head (especially after the kids are out of the house and one or both partners stop working). Retirement lifestyle differences can also push a couple towards divorce, or simply the adjustment to spending more time together after retirement.
In some cases, an older couple may face the same issues that a younger couple experiences. Infidelity, financial dishonesty, or financial disagreements can lead to divorce at any age. No matter the reason, the simple reality is that more people are getting divorced later in life.
Gray divorces follow the same process as any other Texas divorce. However, there are often differences when it comes to the issues at stake in a divorce. While child custody and support might not be part of a gray divorce, the financial issues can often be more complicated. Our Austin gray divorce attorneys can help you through your breakup, working hard to protect your interests.
Why Gray Divorce Requires Careful Planning
Any divorce requires a strategic approach. Whether you want to make sure that you get primary custody (possession) or that you get the assets that you are entitled to under Texas law, it makes sense to have a game plan. However, there are often some more complex issues involved in a gray divorce, particularly when it comes to finances.
As an initial matter, gray divorces tend to involve more significant assets, including property that has been acquired by a couple over decades of marriage. Texas is a community property state, which means that the courts presume that any property that spouses have acquired during their marriage is community property. Any marital assets and debts will then be split in a way that is “just and right.”
Younger couples often have minimal assets. They may own a home together, but might not have things like an investment portfolio, more extensive real estate holdings, retirement accounts, business interests, or savings accounts. By comparison, people over the age of 50 often have spent a lifetime building up their financial wealth. All of these assets must be divided fairly in a gray divorce.
This brings up a related reason for strategic planning in a gray divorce. When you get divorced after the age of 50, you are much closer to retirement than you are when you are in your 20s and 30s. Not only will you have to carefully divide retirement assets to avoid tax penalties and other issues, but you will likely need special orders known as a Qualified Domestic Relations Order (QDRO) to divvy up these accounts.
You will also have to consider how dividing retirement accounts will affect you financially. Establishing separate households can be expensive, so you will have to take this into account as part of your strategy. Our Austin divorce attorneys are experienced at helping clients determine how to best protect their financial interests in a divorce (at any age).
Spousal maintenance, or alimony, is also more frequently an issue in gray divorces. That is because Texas sets strict limits on spousal support. Broadly, spousal support is only awarded in cases where one spouse does not have enough property to provide for their reasonable needs and certain other conditions are met. If a couple has been married for 10 years or longer, then courts are more likely to award spousal support.
For spouses approaching retirement age, spousal maintenance can also become a major factor because one or both spouses may no longer be able to work. A thoughtful strategy related to alimony can help to protect your financial future.
Many gray divorce cases involve adult children. However, some couples involved in later-in-life divorces still have minor children at home. In Texas, courts determine conservatorship and possession based on the best interests of the child(ren). Even in a gray divorce, custody disputes can be contentious. We can help you protect your rights as a parent.
Filing for a Gray Divorce in Texas
In Texas, the divorce process is the same no matter how old you are when you file. The differences in a gray divorce are typically related to the details, such as the assets to be divided and spousal support. Understanding how divorce works in Texas can help ease your anxiety and know what to expect.
Before filing, a couple will determine if they are getting a contested or uncontested (“agreed”) divorce. In an agreed divorce, the parties agree on all major issues in their case. These divorces are usually faster and less expensive because the court only gets involved to review and approve the spouses’ marital settlement agreement and issue a divorce decree.
Next, one spouse will file a Petition for Divorce in the appropriate county court. For an agreed divorce, the other spouse will usually waive service and sign the Final Decree of Divorce. Otherwise, you will need to serve the divorce petition on your soon-to-be ex, and they will usually file a Counter-Petition for Divorce.
Unless the spouses agree to waive this requirement, they will need to exchange initial disclosures. The case will then proceed through the pre-trial process, which includes exchanging information through discovery, negotiations, and mediation. If necessary, your case will go to trial, where a judge will ultimately make a decision about issues like property division, child custody, and spousal support.
Texas has a 60-day waiting period for finalizing divorces. Even with an agreed divorce, it will take at least two months to get divorced. If your divorce is contested, then it can take significantly longer. More complex gray divorce cases can often take more than a year to resolve, particularly if the case goes to trial.
Our Austin gray divorce lawyers are adept at handling cases involving older couples. We offer sophisticated financial analysis, strategic retirement planning, and experience with complex asset division. We also have strong negotiation and trial skills to help you achieve the best possible outcome.
Protect Your Future with Our Austin Gray Divorce Attorneys
Divorce later in life can feel daunting, particularly when you are facing retirement. With experienced legal guidance, you can move forward with your gray divorce with confidence. Our knowledgeable gray divorce attorneys are adept at handling complex property division, high-value assets, retirement plans, and spousal maintenance on behalf of older clients.
The Law Office of Jason Wright helps clients going through gray divorces protect their financial security and quality of life through smart divorce strategies. We understand the unique, often complicated issues facing older adults as they go through a divorce. To learn more or to schedule a consultation with an Austin gray divorce lawyer, give us a call at 512-706-9662 or fill out our online contact form.