Divorcing later in life is becoming more and more common in Arizona and all over the United States. Often referred to as gray divorce, the phenomenon has created new challenges for people over the age of 50. In the 1990s, 10 percent of people over 50 years of age were divorced. The number has since increased to 25 percent. The experience of gray divorce is financially stressful and can lead to a number of psychological side effects.
Among the most important challenges for people going through gray divorce are splitting retirement and Social Security benefits. When couples divorce after the age of qualification for Social Security, their history will be examined to determine how benefits will be divided. Typically, spouses cannot reach funds earned prior to the marriage.
Division of assets is a prominent issue in many divorces, but it may be even more challenging in a gray divorce. The parties to the divorce must usually first identify which assets are marital property and which are owned separately. If the marriage lasted for many years, this can be a trying process.
People who are approaching or going through divorce in Arizona may have concerns about the process of property division or how they will pay for housing and health care after the separation. An attorney with experience practicing family law might be able to help by examining the facts of the case. Armed with detailed information on the couple, legal counsel could then negotiate the terms of property division with the client's best interests in mind.