In the past, couples often chose to remain in unhappy marriages because they thought that was what they were supposed to do. There was a stigma associated with divorce, or many Arizona couples assumed it was not worth the hassle to move forward with this process once they reached a certain age. However, things have changed, and more couples than ever before are choosing to divorce later in life.
There has been a dramatic increase in the number of baby boomers choosing to divorce. Some of the reasons for this may include longer lifespans and less negative connotation associated with a divorce. Regardless of the reason, if you are facing a divorce and you are age 50 or older, it is critical to know how you can protect your interests during this process.
Protecting yourself during a gray divorce
A gray divorce is a divorce between two people who are age 50 and older. While divorce at any age can be difficult and complicated, it may be especially so for those who are nearing retirement age and looking forward to their older years. Another factor that could be contributing to the high rate of divorce among older couples is the fact that women are more likely to seek independence regardless of age as many women are choosing to work well into their 60s and beyond.
There are serious financial impacts associated with a gray divorce as it could affect retirement plans, division of substantial long-term savings accounts, established estate plans and more. If you are considering this step, you will benefit from learning how you can make decisions that will set you up for success well into your golden years. Due to the financial complexity of these types of divorces, you may find it helpful to have experienced guidance at every step of the divorce process.
Thinking long-term
It is easy to allow your emotions to dictate your decisions during a divorce, especially with so much at stake. This is normal, but you will benefit from focusing instead on what will make the most sense long-term. If you are unsure of how to proceed with your gray divorce or how to make beneficial decisions, you may find it helpful to seek the insight of a legal professional as you consider your options.