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, or 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. Our divorce attorneys can provide advice on how to approach matters such as spousal maintenance or 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.
Those who had insurance through their spouses’ employers while they were married can maintain this insurance through COBRA. The coverage can last up to 36 months. However, the premiums will increase since they have to pay the portions of the premiums that their employers were previously paying. If newly divorced individuals cannot take advantage of COBRA, they have no choice but to look for their own insurance. Unfortunately, they may have a hard time securing insurance at their age if they have pre-existing health issues.
When it comes to long-term care, divorced individuals would be wise to evaluate how they will handle future medical events. Instead of relying on their ex-spouses, they must turn to paid caregivers, family or friends to help them if they face long- or short-term medical problems. In some cases, divorced individuals who have joint insurance policies for long-term care with their ex-spouses may be able to maintain their policies, whereas others may have to swap their policies for individual ones. This ultimately depends on their policy types and both parties’ interests.
The best situation when people are getting divorced — no matter how old or young they are — is for them to work out their divorce issues at the negotiation table or through mediation. This gives them more control over the outcome of their divorce than they would experience with traditional divorce litigation. The attorneys at Sanchez & Farrar PLLC can provide a divorcing individual with the necessary guidance for pursuing the best outcome for him or her, either in court or outside of court.
To learn more about the services offered by Sanchez & Farrar, PLLC, call our firm or send us an email. We have offices in New Braunfels and Austin.
