As some Texas couples age in their marriage, they might become concerned about the rate of grey divorce, which is increasing, and the risks to their own marriages. However, there is more to the grey divorce statistic than just a rising rate.
Struggling with finances might increase risk of divorce
Some older couples who decide that the dissolution of their marriage is their only choice might have accumulated less wealth during the marriage or might be struggling with finances. A 2016 report found that for older couples, buying property together and becoming wealthier made them less likely to seek a divorce than those who had wealth of under $50,000. The results of the study suggest that feeling financially secure in marriage was a reason for couples staying together.
Other factors that might increase gray divorce risk
Of course, finances are not the only thing that might impact an older couple’s risk of divorce. Other factors often include:
- Living longer and healthier lives
- Being less financially dependent on a spouse and active in the workforce
- Being in a second or subsequent marriage
- Growing apart over the years of the relationship
Concerns and challenges that come with gray divorce
Just like one of the most important factors that impact the risk of divorce, finances are also one of the biggest challenges older people struggle with after the split is final. Older people are closer to retirement, so a divorce provides little time for them to recover from the financial impact on their retirement plans. It can also be a factor in the poverty rates of older people.
If divorce is the only path you can see in your future, you can consult with a family law attorney to help you. A lawyer might not only explain all the legal aspects but might also provide advice on the plan to follow to ensure a fair settlement.