Gray Divorce: The Impact
People now live longer than they historically ever have, and this fact plays out in divorce statistics. More and more people in their 50s and beyond are divorcing. This trend has distinct implications for many people – especially their finances. Choosing to divorce is always a complicated decision that’s fraught with stress, but gray divorce, as it’s known, can be even more precarious.
While people are living longer, they are also facing fewer divorce-related stigmas as divorce becomes more and more prevalent. These contributors, along with a trend toward desiring more out of life than what decades of marital contributions alone can provide, are identified as contributing sociological factors in the gray divorce uptick. Whatever the reason, however, divorcing in your 50s comes with its own set of unique complications.
Divorcing later in life comes with an elevated risk of poverty as you approach your senior years. It is often more difficult for those in their 50s to establish and elevate their footing in a new career. This is especially pertinent for homemakers who haven’t worked outside the home for years. Compound this with the fact that fewer and fewer Americans are managing to save enough for retirement, and the situation is ripe for financial crisis.
The Hardest Hit
Those hit hardest by divorce at 50 and beyond are full-time homemakers who usually have no retirement plans to augment any alimony they might be awarded. Even those homemakers who only took off a few years to focus on their families’ domestic lives are extremely vulnerable to this trend toward decreased financial stability.
If you are in your 50s and are contemplating or facing a divorce, you need experienced legal guidance. Your financial future could rest upon making informed decisions now; allow a skilled Texas divorce attorney to guide you toward your best possible outcome. Despite the financial implications, many find that divorce after 50 can lead to a richer, fuller life. When it comes to divorce, however, always proceed with caution.
Contact a Richmond, Texas, Divorce Attorney
Divorce is always stressful; a gray divorce compounds the stress, the complications, and the element of the unknown. You’ve probably been with your spouse a long time, and you could be facing an uncertain future on your own. Retain an experienced divorce attorney to help ensure that your rights and your finances are well protected.
To discuss your situation with a skilled Richmond Texas divorce lawyer, contact The Vendt Law Firm, P.L.L.C., today. Attorney Frank J. Vendt is committed to helping you resolve your gray divorce as favorably as possible. To schedule a consultation with Mr. Vendt, call our office today at (832) 276-9474 or send us an email through our online contact form.