While couples can get divorced at any age, people over the age of 50 are one demographic that has seen large increases in divorce rates over the past few decades. There are a variety of reasons for the rise in “gray divorce” cases, including a higher likelihood of financial autonomy for women, the ease of finding new partners through online dating, and an increased social and religious acceptance of divorce. Whether a couple has been married for a long time or has a high net worth, they may need to address some unique issues in a gray divorce that may not necessarily apply for younger couples.

Divorce Issues for Spouses Over 50

Some of the unique concerns that couples may face in a gray divorce include:

• Child-related issues - Older couples may not necessarily need to address issues related to child custody or child support, since any children they have are likely to have reached adulthood. However, they may need to update their estate planning documents to address any decisions made about inheritances received by their children following the death of either spouse.
• Property division - Complex property litigation may be needed to address the assets a couple has accumulated during their marriage. The family home and any other real estate property will need to be properly valued to determine how it will be divided. Couples may also need to address assets like vehicles, valuables such as artwork or jewelry, and financial accounts or investments.
• Retirement - Spouses over the age of 50 will likely be concerned about whether they will be able to retire as planned. Any retirement savings or pension benefits that either spouse earned during their marriage will need to be divided along with other marital property, and in most cases, a qualified domestic relations order (QDRO) can be used to do so. It is also important to understand that a person can receive Social Security benefits through their ex-spouse, and this may be helpful for those who did not work or earned less than their spouse during their marriage.
• Spousal support - Following a marriage of at least 10 years, one spouse will usually be eligible to receive support payments from their ex-spouse if they do not have the means to fully support themselves. If a couple was married between 20 and 30 years, spousal support will usually be paid for up to seven years, and for marriages of more than 30 years, spousal support may be paid for up to 10 years.

Contact Our Austin Gray Divorce Lawyers

If you are over the age of 50, you may need to address multiple different types of financial issues during your divorce, and you will want to understand your rights and your legal options. At Powers and Kerr, LLC, we can provide you with the legal representation you need, and we will help you negotiate a settlement that will allow you to maintain success throughout the rest of your life. For dedicated legal help, contact our Austin, TX high asset divorce attorneys at 512-610-6199.

It can be difficult, in today’s world, to imagine living our day to day lives without having at least one credit card. While credit cards can be a good way to improve credit and allow for more flexible spending, they can also pose specific difficulties during divorce. This is especially true for couples who are involved in high asset divorces, which often involve various joint credit cards and accounts, so if you and your spouse have decided to file for divorce and both of your names are on multiple bank accounts or credit cards, it is important to speak with an experienced high asset divorce lawyer who can ensure that you are not saddled with more than your fair share of debt.

The Downside of Owning Joint Credit Cards

Although there are a number of benefits to owning a joint credit card with a spouse, there are also a few downsides, which usually reveal themselves during divorce. For instance, it is not unheard of for one spouse to end up on the hook for charges that he or she did not authorize. While this may be troublesome during a marriage, it can wreak havoc on a person’s post-divorce finances, as the last thing newly divorced couples need is to be saddled with more debt.

Separating one’s credit cards from those of their spouse in the first stages of divorce is one of the best ways to avoid these types of problems. In some cases, this will require canceling the cards, although if the parties have an amicable relationship this may not be necessary. Instead, one party can just have his or her name removed from the account and the other party can request a change of account number.

Dissolving a marriage can be a contentious process, especially for couples with acrimonious relationships. Fortunately, there are ways to avoid the long drawn-out process that litigating a divorce can turn out to be. For instance, more and more couples have begun turning to collaborative divorce as a viable option when dissolving a marriage. To find out more about collaborative divorce and whether it is right for you and your family, please contact a member of our high asset divorce legal team for advice.

Confidential Proceedings

Collaborative divorce is an alternative to standard divorce proceedings that involves not only attorneys, but also financial planners and family therapists, all of whom are focused on negotiating a settlement agreement between the parties that serve the best interests of both spouses. In addition to giving the parties more of a say in creating their own settlement agreements, collaborative divorce also allows couples with significant assets to divide their property as they see fit in a confidential setting. Most divorces that are litigated in court are a matter of public record, which can create difficulties for business owners and others with significant financial assets or holdings in their communities. Collaborative divorce gives the parties the option of keeping all of this information private and confidential.

Assistance from Professionals

Collaborative divorces can also help avoids the creation of an adversarial setting, but instead, require the parties to focus on each other’s interests and goals. This process is helped along by the input of mental health professionals who can help the parties better communicate with each other. For instance, when a couple has children, therapists play a key role in coming up with a detailed parenting plan, but also in teaching co-parenting skills.

Dividing marital assets can be one of the most contentious issues in a Texas divorce, especially when a significant amount of money is at stake. In many cases, couples must resort to litigation and have a judge issue an order directing them as to how their assets should be divided. Litigating a divorce in court can be expensive, time-consuming, and emotionally draining, so it is important for couples to remember that it is possible to avoid litigation completely and reach a fair settlement through mediation. This option allows couples to maintain more control over the terms of their final arrangement, while also saving them time and money. For more information on whether mediation is right for you, please contact one of our Georgetown high asset divorce attorneys at your earliest convenience.

Property Division Settlement

Mediation offers divorcing couples an environment where they can work through divorce-related issues respectfully. These conversations are facilitated by a neutral third party who can help keep the parties on track, remind them of their goals, and ensure that emotion does not derail proceedings. There are other benefits to choosing mediation for a high asset divorce including the following:

Dissolving a marriage does not necessarily have to be contentious. In fact, many couples are able to come to decisions regarding custody, child support, and property division without a judge’s intervention. When this is possible, it can significantly cut down on expenses, save time, and help protect children from the more emotional aspects of divorce. Mediation is one of the best ways to achieve this type of result, so if you and your spouse are both focused on an amicable divorce, please contact a member of our experienced divorce legal team to learn more about your options.

What Does the Mediation Process Involve?

Mediations are one of the most popular methods of negotiating a divorce settlement and involve a meeting between both parties, their respective lawyers, and a neutral third party. This third party, known as a mediator, is tasked with helping couples resolve the following kinds of issues by facilitating discussion and negotiation: