Ending a marriage can have major financial and emotional implications at any age. However, individuals who are 50 years old or older may especially find divorce to be challenging. Here is a look at why divorce at an older age poses unique challenges in Texas and elsewhere.
According to research, gray divorce — divorce after age 50 — has the potential to be hazardous both physically and emotionally. As an example, it is not uncommon for older people who get divorced to feel depressed. In addition, married people above 50 are more likely to have lower blood pressure. On top of this, weight gain can easily occur following a late-in-life divorce.
Gray divorce can also have a drastic impact on people’s financial health. According to experts, an older person’s wealth may drop 50% as a result of divorce. In addition, women may experience a much lower living standard following divorce after 50. Divorce can be so destructive financially later in life because there is not much time to recover from the monetary losses resulting from this type of divorce.
Because divorce has long-term financial consequences in Texas, it is critical that those going through divorce seek an attorney’s help early on in the process. The attorney can provide advice on how to approach matters like spousal maintenance as well as the distribution of assets, ranging from the marital home to cars. The attorney’s chief aim during a divorce proceeding is to ensure that the client’s financial future will be as secure as possible following the marital breakup.