Jamie Graham & Associates, PLLC

Divorce increasingly common among older people

Ending a marriage can be financially traumatizing for people at any age in Texas. However, it can be especially challenging to recover from for people who are in their older years -- in their 50s and 60s. A few tips may help people going through gray divorce to protect themselves financially long term.

First, taking a detailed look at one's savings is critical. This includes examining how much money is present in a 401(k) as well as how much money is being contributed to it. Social Security benefits represent another tricky area as well.

Many couples are unaware that a person who has gotten divorced is able to qualify for a part of his or her ex's Social Security benefits if the marriage was at least a decade long. The divorced individual has to be a minimum of 62 years old and cannot be married. Even if his or her ex has already remarried, a claim can still be filed on the ex's benefits.

Going through divorce in Texas can be financially overwhelming, and unfortunately, making an ill-advised decision can cause long-lasting financial harm. An attorney, however, can make one's rights clear, which will help with fighting for one's fair share of assets and property. Divorce mediation or collaborative divorce may be helpful for couples who are willing to try to find common ground when dealing with financial disputes. However, if they cannot resolve their issues on their own, they will have to take their issues to a judge, who will have to make the final decisions for the couple.

Source: kare11.com, "'Gray Divorces' trending upward", Adrienne Broaddus, Jan. 30, 2017

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