We have previously touched on the fact that "gray divorce" is on the rise across the nation, including here in Texas. This phenomenon of a marked increase in couples that are 50 or older ending their marriage has doubled since 1990. In 2010, it is estimated that a quarter of all divorces were gray divorces.
Of course, all couples divorcing in Texas are subjected to the same family laws when working out the terms of their split, but there are often different areas of focus for a couple that is older and divorcing rather than a couple that is younger and divorcing.
For most gray divorces, any children the couple had together are usually adults, so child custody is not a primary focus like it so often is in divorces involving couples in their 30s or 40s. Instead, with a couple in their 50s or beyond, property division and planning for retirement are usually of a higher priority. Therefore, it is critical to examine all community property when divorcing in Texas -- this includes any pensions plans or 401(k)s, which can both be fairly substantial when a couple is in their 50s.
In Texas, it is extremely rare for the terms of a property settlement to be modified following a divorce decree. Therefore, unless there is evidence of fraud, it is critical to closely examine all community property to ensure that an individual does not walk away from assets to which they could be entitled a portion. An experienced family law attorney is invaluable in ensuring that property division is done correctly for couples of all ages that are divorcing.
Source: CNBC, "Divorcing Boomers Double Their Retirement Woes," Rodney Brooks, Feb. 26, 2013
- Our firm has experience assisting any individual looking to obtain a divorce in Texas. For more information about divorce and asset protection, please refer to our Houston property division page.