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Ending a long-term marriage may lead to financial complications

One of the unfortunate realities of divorce is that it can to happen to anyone. Even people who have been a couple for decades can choose to end their marriage, for varying reasons. The fact that it has become a normal occurrence in Texas and throughout the U.S. is a key factor in the rise of so-called "gray divorces".

The term refers to divorces that occur late in life, typically after a couple's children have grown and moved out of he family home. It has become increasingly common over the last 20 years, according to reports, and the situation can be jarring to an individual's finances. Most people in a long-term marriage are used to living with two incomes and will need to take a good look at their finances prior to finalizing their divorce.

Those going through a gray divorce will have to deal with issues involving property division and budgeting that may seem complex or overwhelming on the surface. While many individuals will want to stay in their family home following their divorce, financial experts say that it's typically not practical. Women over 65, in particular, who are recent divorcees run a higher risk than most people of falling below the poverty line. These individuals may need to consider moving in with friends or even taking on a part-time job to increase their income post-divorce.

Data indicates that the divorce rate among those who are 50 and older was twice as high in 2014 as it was in 1990. Individuals who are facing the end of a marriage at this stage of their lives may want to have the assistance of an attorney in negotiating a settlement agreement that protects their financial future.

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