When older couples in Arizona decide to get divorced, they may be forced to contend with special issues that younger spouses won’t have to face. Because of the financial impacts of a separation, it is important for people who are near retirement to carefully consider what divorce might mean for them before they move forward.
While divorce rates have fallen in the last 20 years, spouses over the age of 50 have continued to separate in increasing numbers. When people divorce near retirement, they will have less time during which they can save. This might make it more difficult to retire on time, and they may be forced to remain in the workforce. If people have already retired when they decide to get divorced, they may find that there are significant costs involved with divorcing. They might also be left with much less on which to live since they will have to divide their retirement account balances and other assets with their spouses.
While getting divorced can come with negative consequences, some couples are better off separated. For example, if a marriage is characterized by domestic violence, divorcing may be the safest option. Other toxic situations might include relationships in which one spouse is consumed by addiction issues.
When a senior is near or past retirement and wants to get divorced, they could consult with a family law attorney before making any decisions. This might help them to understand the financial impacts that they may experience if they choose to divorce. A lawyer can work with a financial advisor to help to minimize the negative monetary consequences of a client’s divorce.