Forbes magazine notes that a “gray” divorce tends to occur after a couple’s children have grown and moved out of their home. Between the ages of 50 and 55, individuals living in new “empty nests” may have more free time to consider life without their spouses.
If you begin thinking about living as a single individual, a gray divorce may offer the resources to support your plans. Under Texas community property laws, you may tally up your assets and then discuss dividing them with your soon-to-be ex-spouse.
Assets and income that may divide in a Texas divorce
With careful thought and preparation, you may leave the marriage with some property or financial support. Chapter 3 of the Texas Family Code notes that the law presumes all assets acquired while married belong to your marital community. A judge may award you with ownership of an asset if you and your ex-spouse agree that it is a “just” division.
Income that either spouse earned during a marriage also classifies as community property. If you did not work, you still have a right to receive half of the value of your spouse’s employment benefits. Dividing a company retirement plan or stock options during a gray divorce may provide income for your future.
Ownership of a home and its upkeep after marriage
Some Lone Star State couples discuss dividing or keeping a shared home during a divorce. As reported by SmartAsset.com, a judge may consider several factors before awarding one spouse full ownership of a couple’s home. Your age, health and ability to maintain it may determine whether a judge orders you to keep it.
A divorcing “gray” couple may have complicated assets and income to divide. A fair division may include selling property that spouses no longer need and then sharing the cash proceeds.