Divorcing later in life can be complicated as there are generally more assets to divide. As a community property state, Texas law assumes that all assets and debts need to be split evenly when a marriage comes to an end. Furthermore, a divorce may also have an impact on your older children and grandchildren as it may fracture the extended family.
There is less time to recover
Obtaining a divorce after the age of 50 can be especially problematic because there is less time to replenish your emergency or retirement fund. Your financial woes may be exacerbated by the fact that living on your own costs more than living with a spouse. Therefore, you may need to return to work or put off retirement to ensure that you have money for food or a source of affordable health insurance.
The impact on your family
You may assume that your adult children will have an easier time getting over your divorce. However, they may still mourn the loss of what they had for the past several decades. Furthermore, depending on your relationship with your spouse, it may be necessary to hold separate family events throughout the year. Ultimately, your kids may still feel as if they have to choose between their parents, which is never ideal regardless of how old your son or daughter is.
You may be able to make divorce easier on yourself by being proactive as it relates to obtaining financial and other records. Bank statements, the deed to the house and other records may be used to bolster your argument that a given asset is community property. These records may also establish that you should receive alimony or other assistance from your spouse as part of a final settlement.