The end of a marriage is going to bring significant changes to a person’s life, especially regarding his or her finances. It can be especially damaging for a person who is older, leaving him or her fewer years to recover financially from the divorce. A divorce involving two people age 50 or older is called a gray divorce, and it is a growing trend in Arizona and across the country.
When older people divorce, it can mean they have decades of assets and savings to divide. Perhaps they have children from previous marriages they need to protect. And in addition to these things, they also have to think about the impact their divorce will have on their retirement. It’s critical for a person who is over the age of 50 to think about the long-term implications of each choice he or she may make.
One of the most important considerations for people facing a gray divorce is whether they can support themselves both immediately and well after the divorce is final. This requires looking at each piece of marital property and considering both its current value and long-term value. It also means considering the potential tax implications of retaining certain assets.
Gray divorce is complex, and a lot is at stake for an Arizona reader over the age of 50. This is why many people find it beneficial to speak about their financial concerns and long-term security with an experienced legal advocate. Before making any decisions or agreeing to terms that could impact the future, it can be prudent to first seek a complete assessment of the individual case.