As a Texas resident who is navigating a divorce at a later stage in life, you may have certain matters you need to work through that younger people facing similar circumstances may not. At Fabio & Merrill, we understand that the older you are, the more assets you typically have amassed between you and your spouse. We also understand that couples navigating “gray divorces” may have more assets between them that they need to divide than younger couples, or couples who recently married.
When you split from your Texas spouse, you can anticipate that doing so will impact numerous aspects of your life, potentially affecting everything from where you live and whether you work to how often you see your own children. At Fabio & Merrill, we recognize that a new tax law that took effect at the beginning of the year may also have a notable impact on your divorce proceedings, provided at least one party involved the divorce plans to pursue alimony.
If you and your longtime Texas spouse are heading for divorce after all these years, you have just become part of the gray divorce phenomenon. This is the nickname given to couples over 50 years old who divorce after a longstanding marriage.
When two people are married in Texas, they often develop mutual friendships over time. Throughout the course of their marriage, they may share many experiences and adventures with other couples who they both enjoy spending time with. However, the nature of these friendships can change entirely when a couple pursues a divorce. Understanding these changes can be challenging and leave a divorcing couple feeling a bit lost as to what happened.
While the idea that your divorce could help you to regain your independence and provide a solution to the ongoing marital conflict, it can also be unnerving to think about how your future has been altered by your decision to part ways with your spouse. As you begin working through the process of separating a life built with another person in Texas, it is imperative that you take action to prevent your divorce from destroying your future.
Bringing a marriage to an end can be tough for any couple, but there are certain times when this process can be particularly complicated and worrisome. For example, someone who is expecting a child may have many questions related to their divorce, such as how custody will be distributed and the amount of child support that will need to be paid. Moreover, pregnancy can be a difficult time in one's life for other reasons, whether they have to take time off work or have various health-related concerns. It is imperative to approach your divorce properly if you are pregnant or your former partner is expecting a child.
As the Institute for Family Studies points out, gray divorces are on the rise with baby boomers leading the pack for most divorces over 50. Facts such as this lead many older married couples to wonder, are their marriages in trouble? If you worry about the state of your Texas marriage, IFS's gray divorce statistics may interest you, as many yield common patterns among divorcing couples.
As you may know, divorce can create financial difficulties. Now you must get by on one income, and your credit may suffer for it. In fact, as many Texans know, getting a divorce can be ruinous to one’s credit – even if it is a relief to get out of a miserable marriage.
The typical arrangement for custody in the past in Texas was one parent getting the children and the other getting visitation rights. As time has gone by, though, the family court system has seen the negative effects this type of arrangement can have on the children involved. If you get a divorce today, the court may suggest something different called 50/50 custody.
As a divorced parent in Texas, you know better than most that divorce and split-parenting is never easy. However, this statement becomes especially true during the holidays. In addition to having to establish a fair holiday schedule, you also need to take into consideration gift purchases, familial obligations, blending traditions and, of course, the location of the festivities. One of the biggest decisions you will have to make, however, is deciding whether you and your former spouse should come together during the holidays and maintain old family traditions or spend the holidays apart and establish new ones.