The golden years of retirement often depict shared experiences and financial security. For many older couples, divorce brings an unexpected twist to this narrative.
Suddenly, what was “ours” becomes “mine” and “yours,” which can feel overwhelming when considering your finances. The shift to single-person budgeting requires a thorough reassessment of expenses, income and priorities, especially regarding potential spousal support.
Will you receive spousal support?
When determining spousal maintenance, Arizona courts often look into several factors, including:
- The duration of the marriage
- The age, overall health and earning capacity of each spouse
- The lifestyle and level of comfort maintained during the marriage
- The financial situation and requirements of each spouse
- The contributions of one spouse to the education, training or career of the other
Long-term marriages are common in gray divorces. In such cases, courts may be more inclined to award spousal support, especially if one spouse has been out of the workforce for an extended period. The court will aim to ensure that neither party faces unfair financial hardship after the divorce.
It is important to note that Arizona law does not guarantee spousal support in every case. The court examines each situation individually to decide if maintenance is appropriate and, if so, for how long. If awarded, spousal support can significantly impact how you create a budget that reflects your new reality.
Securing financial stability after a gray divorce
When adjusting to a single-income household, you will need to list all financial sources, including salary, pension and investments. Factor in housing, utilities, groceries, insurance and other monthly expenses. Take stock of your assets and debts, and prioritize debt repayment and savings.
To increase your chances of securing a fair spousal support agreement, do not hesitate to reach out to an experienced divorce lawyer in Arizona. They can assist in uncovering hidden assets and ensuring the divorce settlement will cover all financial aspects of your marriage.