In the event of a separation, common stereotypes paint a picture of middle-aged spouses at odds with each other. These days, however, more and more people are divorcing later in life. According to recent statistics, the divorce rate for adults over the age of 50 has doubled in the last 25 years. Known as "gray divorce," a special set of challenges await those who end a marriage later in life. The following tips can help those currently facing this situation in Arizona to better prepare themselves financially.
Financial tips for those considering late-life divorce
New tax changes could ignite alimony battles during divorce
Most people know that ending a marriage can be an expensive process. However, tax reform could make divorce even more expensive in Arizona and across the country. The new tax laws have to do with alimony payments. Alimony, often called spousal support, is a court-ordered payment from a higher-earning spouse to a dependent spouse following a divorce. A change in the way alimony is taxed could make divorce negotiations more challenging.
Divorcing Couples May Clash Over Bitcoin
Divorcing couples are being warned to disclose all their assets amid fears that some may use digital currencies such as Bitcoin to hide their wealth.
Knowing and understanding child custody arrangments
When spouses choose to end a marriage, one of the biggest concerns is the custody of their children. Although custody laws vary from state to state, all child custody laws were put in place to protect and meet the needs of children. In Arizona, custody laws have been updated to better meet the needs of children. All parents would benefit by knowing the different types of custody.
Unique challenges face those who divorce young
Statistics suggest that separation is inevitable for a lot of Arizona couples. Stereotypes dictate that divorce only happens to middle-aged couples that have been married for years. However, some couples decide to marry young, and divorce can happen to young couples as well. Unique challenges can arise for those who divorce while in their 20s.
