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  • Writer's pictureEric Beal

'Silver Divorce' in Texas: Five Things to Consider

Divorce can be a challenging and emotional process, regardless of age. However, when couples decide to end their marriage later in life, it is commonly referred to as a "silver divorce."


These divorces often come with unique considerations and complexities that individuals need to navigate carefully. In Texas, where divorce laws can differ from other states, it is crucial to be well-informed about the specific factors involved in a silver divorce. This article aims to shed light on five essential things to remember when going through a silver divorce in Texas.


1. Understand Texas Divorce Laws:


Before initiating any divorce proceedings, it is imperative to familiarize yourself with Texas divorce laws. Texas is a community property state, meaning that all assets and debts acquired during the marriage are presumed to be community property. However, this does not mean that assets will be split 50/50; instead, a "just and right" division will occur – if left to a Judge to decide – taking into account factors such as earning capacity, age, health, and more.


There are two caveats to this, however. First, the presumption of community property can be overcome by proving that the property in question is Separate Property because it was acquired at a time or in a manner that makes it an exception to the community property presumption.


Second, if a case is not decided by the judge – that is, if the parties settle, either through mediation or otherwise – the division can be any percentage upon which the parties agree.


2. Financial Considerations:


One of the critical aspects of a silver divorce is the division of assets and debts. In Texas, this process can become more complex due to the accumulation of joint assets over a more extended period. It is crucial to gather all financial documents, including bank statements, retirement accounts, investment portfolios, and property ownership records. Consulting with a financial planner or divorce attorney specializing in silver divorces can provide invaluable guidance to ensure a fair division of assets and a secure financial future.


3. Retirement Planning:


When divorcing later in life, retirement planning takes on particular significance. Individuals often need to reevaluate their retirement goals and make adjustments accordingly. Texas law allows for the division of retirement accounts, including pensions, 401(k)s, IRAs, Military Retirement, and more, as part of the community property – although extra paperwork is often involved when doing so. It is crucial to determine the current and projected value of these accounts and work towards a fair division that considers factors such as the length of the marriage, each spouse's financial needs, and tax implications.


4. Health Insurance Coverage:


Health insurance becomes a significant concern for individuals going through a silver divorce, as they may be relying on their spouse's coverage. In Texas, divorcing couples can continue coverage through COBRA for a limited period, but it can be expensive. Exploring alternative health insurance options, such as private plans or Medicaid, is crucial to ensure continuous coverage and avoid hefty medical expenses. Understanding the available options and planning ahead will help ease this transition.


5. Emotional Support and Self-care:


Divorce is emotionally challenging, regardless of age. However, when going through a silver divorce, individuals often face additional emotional complexities, such as adjusting to newfound independence, dealing with loneliness, or even reentering the dating scene. Seeking emotional support through therapy or support groups can be immensely helpful in navigating these challenges. Prioritizing self-care, maintaining a healthy routine, and engaging in activities that bring joy and fulfillment are essential aspects of healing and moving forward after a silver divorce.


Conclusion:


Divorcing later in life poses unique challenges that require careful consideration and planning. Understanding Texas divorce laws, ensuring a fair division of assets, addressing retirement planning, securing health insurance coverage, and prioritizing self-care are crucial factors to remember when going through a silver divorce in Texas. Seeking guidance from legal and financial professionals who understand silver divorces can provide the necessary support to navigate this significant life transition successfully. By staying informed and proactive, individuals can pave the way for a brighter and more fulfilling future post-divorce.

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