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Gray divorce on the rise despite strain on finances in old age

On Behalf of | Sep 12, 2018 | Divorce

Divorces among older couples in Texas occur for reasons similar to issues that drive younger spouses apart. Couples that lack enjoyment of their free time together sometimes choose to end their relationships and move on. Research also indicates that life changes, like the children leaving home or someone retiring from a job, prompt marital dissatisfaction. Although many reasons end relationships, divorces among older people have been on the rise while divorce has been declining among other demographics.

Since 1990, divorce rates for people 50 and over have doubled. When looking at rates for people 65 and older, they have tripled. Divorce at any age comes with financial consequences, but for people entering their retirement years the results can be especially difficult.

Low-income couples that needed a shared income to live comfortably face the greatest threat. A report in 2014 prepared by the Government Accountability Office concluded that a person 65 or older needed an income equivalent to 79 percent of a married household. Divorce frequently imposes poverty on older individuals. Women in this age group bear the brunt of financial challenges after a divorce. They have an 80 percent greater likelihood of poverty than men.

When a person needs information about how to get a divorce, an attorney could provide substantial insights about the financial consequences. A legal consultation could inform a person about how property division could play out and whether spousal support might become an issue. In addition to preparing court paperwork for a marital dissolution, an attorney might guide the client through emotional negotiations about splitting property.