Baby Boomers have always been on the cutting edge of social change. Uncoupling later in life appears to be the most recent trend, with record numbers of 50-plus age Texans going through divorces.
There are three characteristics that make these "gray divorces" different from others.
- Identity crisis: When you have spent decades with the same person, identities become fused. Once single, it can be a challenge to establish your own identity and choose your own direction for your future.
- Adult children: Although issues of child support and child custody are often no longer a factor, adulthood is no guarantee that your children will take your divorce in stride.
- Finances: Once assets are divided, you may end up with a significantly diminished nest egg, with less time to recover.
However, it is possible to move toward a healthy new beginning. Here are some tips to get you on your way:
Seek Legal Assistance
At this point in your life, you have significantly more at stake, and you will need a staunch advocate. Gray divorces are complex and each state has variations in divorce laws that govern the division of assets, property, alimony and support. Texas divorce laws, for example, are some of the most nuanced and complex, so it is critical that your attorney is well-versed in the laws of your state.
A good divorce attorney is not only your advocate but also your negotiator. Your attorney will help make sure you get a fair settlement and to make that process as painless as possible.
Consider A Collaborative Divorce
If you and your spouse are cooperative and fair, this may be an option to consider. In Texas, a collaborative divorce is an option that focuses on protecting and preserving resources and assets. While an attorney is still needed during this process, it is often a much less stressful proceeding.
Plan For Your Retirement, Again
You have been planning for retirement for a very long time and will need to reevaluate and update your expectations, considering your current financial picture. Your attorney can work with your financial advisor to help you assess the best direction for your circumstances.
It is critical for you to take the time you need to understand the legal and financial implications of your divorce. Contact the law office of Mary K. Quinn in Houston, and allow us to educate you about your options and advocate for your position.