Divorce after 50 reflects societal changes that kept people together longer, whether they wanted to stay married or not. These couples are happy to be freed from an unhappy or unsatisfying relationship.
But untying the knot has significant legal, financial, and emotional impacts that all need to be carefully addressed to ensure that both parties have the best possible outcome.
Why A Divorce After 50?
Some couples stay together “for the sake of the children,” even though they have been unhappy for many years. When the children are grown, “empty nest syndrome” shows some couples that they have grown apart. The couple feels comfortable divorcing.
Retirement also helps couples discover they no longer have anything in common or want different things in life. These issues were concealed while they were working and now strain the relationship.
Previously, men died first and left widows. Now, people live longer with more productive years ahead. They reconsider priorities and relationships, considering if they want to stay with this person for the rest of their lives. Some choose to move on without them.
Living alone is now a viable option as women become financially independent. Divorce after 50 doesn’t have the same stigma, so it is more socially acceptable for longtime couples to dissolve their marriage.
Legal Considerations for a Divorce After 50
Younger couples usually have child custody. Older couples see an altered view of retirement. They will be without their long-term spouse along with a major lifestyle change. Their financial situation is also different—they will be dividing property, retirement accounts, and other assets.
Divorce also impacts Social Security payments, especially if only one party was employed.
Couples must scrutinize their financial situation closely, since their income may be less. Navigating and planning their post-divorce financial future requires assistance from a tax and/or financial professional. This may include postponing retirement or resuming work. You won’t have as long to recover financially, either.
Division of retirement accounts may bring tax consequences. Asset division may also be more difficult, requiring the sale of one or more that cannot be divided. Wills and other estate planning must also be updated.
What if one spouse is covered by the other’s health insurance policy? How will the divorce affect coverage? Will you have to get your own individual policy? How can you plan for the increases in healthcare costs later, and possibly long-term care, including a nursing home?
The Alimony Question
Called “spousal maintenance” in Texas, it is not automatically awarded. Even with a marriage lasting more than 20 years, spousal maintenance is not long-term or for life. Texas also imposes limitations on the amount awarded, based on one party’s income and the income disparity between the spouses.
Parties must be married for at least ten years. If the court awards spousal maintenance, the receiver must understand the tax implications and the length of payments. Courts award this money for a defined term so that the receiver can learn new skills to support themselves post-divorce.
This can be learning a trade, starting (or finishing) a college degree, or other vocational training. There are exceptions if the spouse is disabled, incapacitated, or is caring for a disabled child for life.
Tarrant County’s Family Law Attorney Can Help
If you are facing a divorce after 20, 30, or even 40 years or more of marriage, it’s important to speak to a Fort Worth Tarrant County family law attorney as soon as possible.
Wendy L. Hart has been helping people in the Fort Worth area with all their family law issues since 2001. She represents both men and women in divorce, including asset and property division, and mediation, protecting the rights of her clients.
Don’t try to handle a divorce, property, and asset division, or other family law matter by yourself. Contact The Law Office of Wendy L. Hart today at (817) 842-2336 and get the help you need.
