Divorce near retirement in Frisco—and the rest of the nation—is becoming more common. In fact, divorces for people 50 and older have doubled over the last several decades.
Older adults seem determined to be happy and pursue their dreams. If they need to leave an unsatisfying marriage to do so, they are no longer allowing social pressure or stigma to stop them.
These older divorces—colloquially known as gray divorces—may allow people to pursue their goals and create their own version of retirement, but they come with unique financial challenges.
People plan for retirement as a couple, and changes to their financial status in the years leading up to retirement have the potential to derail years—even decades—of careful financial planning. Divorcing at a later age often means completely revising financial lifestyle expectations and may require relocating, working later in life, and embracing a more frugal lifestyle.
Our seasoned divorce attorneys could help you increase the likelihood of an amicable marriage breakdown with a favorable outcome. Call our law office today to schedule an initial consultation.
Several factors contribute to the rise in gray divorce. One is the increase in life expectancy. Not long ago, people expected to live into their 70s. Today, many people anticipate living well into their 90s. Retiring in one’s 60s could mean living in an unhappy marriage for decades.
The dissolving stigma around divorce has also contributed to increased rates of divorce near retirement, even in smaller communities like Frisco. People no longer feel like they need to be in danger or have adultery or substance abuse in their marriage to justify a divorce. Couples may not divorce because of an abrupt event or mistreatment but simply because of increasing dissatisfaction with their marriage.
While divorce near retirement may be emotionally freeing for some Frisco couples, it still takes an undeniable financial toll. It is simply more expensive to maintain two households than one, and most couples have prepared for retirement with one home in mind. Because of this, dividing assets can leave both parties with substantially reduced assets.
Many dissolutions of marriages for older adults are rooted in unhappiness rather than extreme reasons like abuse or infidelity. This makes divorces near retirement age typically smoother and more amicable than those among young couples. In addition, as people age, they may be more aware of the damage from financial losses, encouraging people to seek fair solutions instead of fighting about assets in court.
In addition to preserving their assets, a non-adversarial approach can help people keep family harmony. While most older couples are not fighting over custody of children, many have adult children in common. They will continue to play some role in each other’s lives, if only at weddings, birthday parties, or other family events.
Contemplating a divorce in late middle age can feel overwhelming. Older adults must make financially sound decisions to ensure a comfortable and secure future.
Schedule a consultation to talk to a lawyer about divorce near retirement in Frisco. Our compassionate family law attorneys could help you navigate the process, plan for the financial realities, and explore strategies for an amicable resolution.
Our Law Firm’s approach to your case is based on individual circumstances. Whether it is a simple negotiated settlement, or it requires an aggressive approach, we will protect and defend your best interests.
