Gray Divorces in Texas

The divorce rate has steadily started to decline over the last decade, however, “gray divorces” meaning divorces over the age of 50, has almost doubled! Although there is not an exact reason that can pinpoint why people over the age of 50 are getting divorced, it’s important to note how difficult a gray divorce can be. Gray divorces are often spouses that have spent the better part of their lives together meaning there are many complicated factors to consider. Issues may arise such as complex property division, finances, and retirement accounts.

Property Division

Texas is a community property state, which means the division of property can be messy when it comes to divorces over the age of 50. This means that property is divided up in a “fair” way and includes things such as bank accounts, physical property, income, stocks, debts, home equity, student loans and more. Gray divorce property division is quite complex and requires a legal team that is experienced in strategies that need to be implemented for division of assets and debts in order to avoid future liability and minimize tax consequences. An accurate and completed division of property can prevent any future credit issues or litigation.

Financial Burdens

Financial situations arise during a gray divorce because not only do you need to separate assets, but also debts. Debts do not mean only credit cards. They include things such as house mortgages, car payments and any other loans that have taken place in the marriage that are outstanding. How can you prove what you each contributed to and when? Why would you pay for half of their student loans, when you didn’t even know them then? Or how can you take the motorcycle debt when you’ve never even ridden it? These questions are things to stop and consider when it comes to splitting debts. It’s important during these negotiations to minimize liability. Financial burdens such as alimony may also come up during a divorce, and these payments and needs must be backed up with evidence and legal arguments to present your case.

Pension and Retirement Accounts

Assets such as 401(k)s, pension plans or retirement accounts can be very complex during a gray divorce. Because these couples have spent many years together, retirement accounts can be considered community property and in some cases can require a legal order for property division in the event of a marriage. Like most community property, spouses are entitled to share up to fifty percent of the other spouse’s retirement account. It is imperative that you retain legal counsel to help negotiate personal properties during a gray divorce.

Gray divorces can get very messy and complex. Cases that need to be litigated are best handled when you have a legal team you can trust is keeping your best interest in mind. If you’re beginning the divorce process, Hedlesten Law can help you.