According to researchers at Bowling Green State University, people at or over the age of 50 divorced twice as much in 2014 as they did in 1990. While child custody is usually not an issue in ‘gray divorce,” divorces that happen later in life typically involve more complicated property division questions for Texas couples.
A financial product that is on the horizon may help people who are involved in gray divorces to divide their real estate assets. The divorce mortgage is specifically designed for divorced homeowners who do not want to leave their homes. Forbes says that divorce mortgages may be available before the end of 2016, and the financial product is also being talked about in Great Britain.
A divorce mortgage would allow one ex-spouse to remain in the marital home while paying the other ex-spouse for their share of the home. A bank that offers a divorce mortgage would lend the person who is remaining in the home enough money to buy the ex-spouse out. After a period of time, the homeowner could decide to sell the home and pay the lender back or take over the full mortgage.
People who are facing the end of a marriage in their senior years may want to talk to a lawyer about property division issues. How a marital home can be divided may depend on how the title is held and the value of other marital assets that are involved in property division negotiations. If negotiations prove fruitless, the lawyer could recommend alternative methods of reaching a solution, such as mediation.