Divorce after Age 50
Divorce after the age of 50 is more common than one may realize. The American Association of Retired Persons (AARP) reports that, since 1990, divorce rates have been declining in this country, but for married couples over the age of 50 they have doubled. This is alarming, considering that as people enter their later years, they have less opportunity to recoup losses from a divorce and begin again. If you are divorcing, it is very important that you work with Bryan divorce lawyers who will make sure that your rights are represented.
Common Questions about Divorce after 50
Divorce is difficult, no matter how long a couple has been married, but the longer the marriage has lasted the more emotionally and financially complicated it can be. Most couples enter into marriage with the assumption that it will last for life; therefore, they merge virtually all aspects of their lives, including friends, bank accounts, and the home. The following are some issues that need to be addressed in a divorce after age 50:
- Alimony and Retirement: If a person enters retirement the amount of alimony he can pay is likely to be much less than during working years. This can be particularly problematic if the spouse being paid alimony spent most of her years not working and taking care of the household.
- Social Security and Retirement Benefits: A stay-at-home spouse has no legal claim to the other party's Social Security retirement benefits if the couple divorces. On the other hand, a retirement account can be divided.
- Taking Early Retirement under a former Spouse's retirement Plan: A spouse who is included in the retirement pension benefits can take early retirement under the Qualified Domestic Relations Order. Whether the party is entitled to survivor benefits under the retirement plan, however, is a different matter. It depends in large part on whether the spouse opted for the survivor benefits option when setting up his retirement.
- Spousal Maintenance: In 2011 the laws governing spousal maintenance in Texas were changed in a way that favors the non-working spouse. Still, in a divorce after age 50 the maximum time during which spousal maintenance will usually be granted is ten years.
- Break-up of Non-Married Couples: If a couple lived together but did not marry there is no recourse for gaining spousal maintenance unless a written financial agreement was made.
Work with an Attorney if You are Divorcing
A divorce after the age of 50 can be painful and financially ruinous. It is very important that you have strong and knowledgeable Bryan divorce attorneys in your corner if you are divorcing. Call Peterson Law Group to arrange a consultation at 979-703-7014 or 936-337-4681.