The divorce rate among older couples in the United States has increased significantly compared to previous decades. The increase in couples age 50 and older getting divorced, commonly referred to as “gray divorce,” has led to many unique challenges and questions that baby boomer couples never thought they’d be asking at this stage in life.
The gray divorce trend is happening throughout the country, including in Arizona. The rise in older couples getting divorced has increased during the last 20 years. Some of these divorces have surprised many family members and friends, while the end of other marriages may have been a long time coming.
Regardless of whether the divorce was a surprise or not, older couples in Arizona should be aware of how getting divorced after the age of 50 can impact the rest of their lives. Couples who are close to retiring or those who have already retired have several considerations to make when deciding to get divorced.
Older couples will most likely not have to discuss child custody and child support orders, but they will still need to discuss spousal support and property division according to Arizona laws. Couples getting divorced in Arizona will need to negotiate how their property and assets will be divided. This includes each spouse’s retirement accounts as well as shared financial accounts.
Working with a family law attorney can help spouses plan and prepare for divorce proceedings. The financial impact of divorce can be difficult to understand, but spouses should try to come prepared to divorce negotiations by knowing what assets and property will need to be divided to help create a better, happier future after the divorce has been finalized.