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Considering finances in a gray divorce

The dissolution of a lengthy marriage may come as a surprise for some, but no matter what age the couple is or how long the marriage lasted, divorce can occur at any age. Married couples in Texas understand that it is important to consider the details of marital assets and property when a couple files for divorce. This can be a difficult process because property division will often lead to disputes about ownership of property and the existence of assets or debts.

Getting a divorce later in life can sometimes create more and different issues than a divorce that occurs between younger couples. Although the overall divorce rate in the U.S. has declined since 1990, the rate for divorce of those over 50 has doubled. Coined "gray divorce," boomers who get divorces later in life may discover financial struggles.

In most baby boomer marriages, one spouse takes over the finances. For most women, their spouses have controlled their finances, assets, property and debts. When a divorce is filed, they are often put at a disadvantage. Not only are they dealing with something new and unknown, they might also still be financially dependent on their ex-spouse.

This can create a situation of both financial and emotional change and stress. An expert explains that older married woman should seek to better understand their finances even if a divorce is not imminent. This could help them gain more independence and better prepare them if a divorce does occur. Understanding what is considered marital property and personal property will assist them in financial planning and also ensure that their property is properly dispersed if a divorce occurs.

Financial issues and questions can be present prior to, during or even after a divorce occurs. Spouse struggling to understand their situation and are currently dealing with disputes surrounding marital assets and property to seek the assistance of a qualified professional. This is especially beneficial for those who have never dealt with the finances in the marriage.

Source: Examiner, "More Boomers calling it quits after years of marriage," Sam M. Yates, Sept. 11, 2013

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