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In recent years, divorce among people over the age of 50 has markedly increased. This can be attributed to longer life expectancy, shifting societal norms, increased financial independence, and more. As these factors become more prevalent in our society, we can expect gray divorce rates to continue rising as we advance through the 2020s.

There are many ways you can plan for divorce when your are over the age of 50. First, it will be important to consult with an experienced divorce attorney to guide you through the legal aspects of the divorce. You will then want to assess your financial situation. This may involve fully accounting for your debts, assets, retirement savings, etc. Working with a financial planner can help you set yourself up for long-term financial stability. It will also be essential to ensure you have adequate levels of emotional support from friends or family, as a divorce late in life can present unique emotional and financial challenges.

When a couple has substantial assets and complex financial portfolios, the division of property and assets can become more challenging and contentious. The process may involve valuing businesses, investments, real estate, and other valuable assets. Additionally, retirement accounts, pensions, and other financial instruments must be carefully evaluated and divided. The involvement of financial professionals like forensic accountants or real estate appraisers may be necessary to ensure an equitable distribution of marital property.

In a Texas gray divorce, debts acquired during the marriage are divided along with marital assets. Texas is a community property state, meaning that all assets and debts acquired during the marriage are considered community property and thus subject to division in a just and right way. This includes debts such as mortgages, credit card debts, and loans. It is important to note that debts incurred before the marriage are considered separate property and, thus, they are not subject to division.

Yes. One option is marriage counseling or therapy, which can help couples address underlying issues and improve communication and understanding. Seeking professional help can provide a safe space to work through challenges and find solutions. Mediation is also an option in which a neutral third party helps facilitate discussions and negotiations to help a couple reach mutually agreeable solutions. Exploring these alternatives can potentially save a marriage, and it may provide a chance for couples to rebuild their relationship.