Couples’ priorities as they divorce often depend a lot on what stage of life they’re in. Those who end their marriage when they’re in their 50s or older (what’s commonly referred to as “gray divorce”) generally focus on different things than those in their 30s or 40s who have young children or teens, for example.
When older couples divorce, their children (if they have any) are typically out of the house and on their own. The spouses may have established careers and a lot of jointly accumulated assets. One spouse may have largely remained out of the workplace during the marriage as they took care of the children, so they may not be able to support themselves without help.
Couples in their 50s and 60s likely have been saving and planning for their upcoming retirement years or have retired already. It’s common for spouses in this age group to prioritize getting a settlement that will allow them to spend these years traveling, playing with grandchildren or pursuing a hobby or activity they’ve never had time for.
The property division settlement
While Texas is a community property state, joint or marital assets don’t have to be divided precisely 50-50 if the couple agrees to a different arrangement or has a valid prenuptial or postnuptial agreement that stipulates a different division. A fair property division agreement can be crucial for both spouses to be able to live in comfort after they’re no longer together. This includes a fair division of both spouses’ retirement savings.
The spousal maintenance agreement
If spouses’ income and/or future earning potential vary greatly, the lesser-earning spouse may need to focus on getting the spousal maintenance (alimony) they need to live on their own. Under Texas law, a spouse can seek maintenance if they’ve been “married to the other spouse for 10 years or longer and lacks the ability to earn sufficient income to provide for the spouse’s minimum reasonable needs.”
There are other considerations as well, such as how retirement and Social Security retirement benefits will affect each spouse’s future income. If one or both spouses has serious medical issues, that can affect their ability to work and their cost of living.
While most long-married couples are used to having joint legal, financial, tax and other professional advisors, given all that is at stake, each divorcing spouse should have their own advisors as well as – of course – their own experienced legal representative to protect their rights and interests.