Gray divorces place many in financial distress

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A long and happy marriage may have been your dream on your wedding day. You may have looked forward with joy to having children, helping them grow, and sending them off into the world. The retirement years are those that many couples anticipate most because they can see the fulfillment of all their years of hard work together.

After years of being married, raising children, and building a home, some spouses begin to have a change of heart, and the thought of spending those retirement years together is no longer a pleasant one. Perhaps this describes your situation. If you or your spouse has decided to end your marriage later in life, there are many factors to weigh carefully to avoid years of struggle.

Preparing for a late-life divorce

Over the past 30 years, divorce among baby boomers has nearly doubled. Couples over the age of 50 deciding to end their marriages have left many with finances in shambles and retirement plans indefinitely on hold. Nevertheless, you may be ready to take the risk of financial struggle rather than remain in an unhappy marriage. The divorce rate among older couples may be rising because of any of the following factors:

  • Many baby boomers are previously divorced and remarried, raising the likelihood of a subsequent divorce.
  • Divorce no longer carries the stigma it has in previous generations.
  • The life expectancy is increasing, making retirement a longer period of life that couples are not as willing to spend in an unhappy marriage.
  • More spouses feel they deserve their own individual lives after contributing to the raising of their families.
  • More commonly, both spouses have their own careers, increasing their financial stability in their retirement years.

Unfortunately, that financial stability is not always reliable, and a divorce can create a devastating situation after the division of savings, retirement funds, and other assets. It is common for divorced partners over age 50 to have to continue working. For many women who gave up their careers to raise children, it can be especially difficult to find work to support their financial needs at this time in life.

If you and your spouse are discussing the prospect of ending your marriage, you want to be certain you have every advantage if you are over age 50. Seeking advice from someone who has assisted other Arizona couples through a late-life divorce may provide you with resources for making the most of your current financial situation. Additionally, you will want a legal advocate who can fight for your fair share of marital assets so you can have a future that is as financially stable as possible.