Data shows that since 1990, there has been a significant increase in the number of divorces among married couples in Texas and around the country who are 50 years or older. Called gray divorces, the rate of couples ending their marriage has doubled for those between the ages of 50 and 64, and for couples who are 65 or older, the divorce rate has tripled.
Although the increase in gray divorces has been significant, the divorce rate for younger individuals still far outpaces it. As of 2015, for every 1,000 married couples at or over the age of 50, 10 couples divorced. For couples between the ages of 40 and 49, the rate was 21 per 1,000, and the rate for couples between the ages of 25 and 49 was 24 per 1,000.
The increase in the gray divorce rate is attributed to baby boomers since they make up the majority of that age group. A high rate of remarriages likely also contributes to the rise in the gray divorce rate since remarriages are more likely to fail than first marriages.
When an older couple gets a divorce, they probably won’t have to deal with issues like child support, custody or visitation. However, topics related to spousal support and asset division will need to be decided. The assets that someone holds onto following a divorce can have a significant impact on their ability to retire or maintain their lifestyle. A lawyer could help a client determine which assets to seek during a divorce and assist in obtaining them.