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Higher rate of senior divorce comes with unique pitfalls

On Behalf of | Dec 23, 2016 | Divorce

By the age of 50, most Arizona couples hope to be settled in a career with kids nearly grown, if not already out on their own, and a retirement plan firmly in place. The end of a marriage throws all this security into doubt by changing family dynamics, lessening or removing income altogether, and upsetting carefully laid plans. Statistics show this scenario is becoming more common with a large increase in divorces in this demographic.

A critical area for couples where the man works and the woman takes care of the children and home is income. After a divorce, the ex-spouses often may face life with far less disposable income. Job hunting is not fun at any age, but it can be made easier by working to update skills. Finding one or more roommates could also ease the way by reducing the cost of living.

The central goal for late-in-life divorces, however, typically shifts from child custody concerns to property division. Real estate, equities, retirement accounts and debts must all be accounted for and a split negotiated that takes into account alimony and other needs.

Experienced legal counsel is a critical asset when it comes to discovering and negotiating the split of all marital property and debts at the end of a long-term marriage. The emotions and financial minutiae of a complicated divorce are pitfalls that can create insecurity for one or both ex-spouses and serve as fodder for a later court dispute. An attorney helps avoid these pitfalls by providing an objective eye and focusing on the client’s future well being.