Call Today (480) 900-5538

Financial tips for those considering late-life divorce

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.

One of the most important things for those considering a late-life divorce can do is to create an inventory of assets and identify individual versus joint assets. Any joint banking accounts or ventures may need to be examined. Life insurance is also a very important thing to review. For example, an ex-spouse may be required to pay alimony, and the death of this person during the alimony paying period can be financially devastating to the alimony recipient. It is recommended that the recipient request to be named owner and beneficiary of a life insurance package to cover this possibility.

There are also Social Security benefits for those that were in their marriage for 10 years or more. Divorcees may be able to collect Social Security based upon their ex-spouse's work record. This could help ease financial burdens. Following the divorce process, it is also recommended to check the titles and paperwork on all accounts. Accounts may need updating and beneficiaries may need to be changed.

Ending a marriage is never easy, but when a marriage ends later in life, new and special challenges can arise. Taking a few simple steps and precautions can make late-life divorce a relatively smooth transition for those in this situation. The most important piece of advice for those in Arizona contemplating divorce at any stage in life is to find a good attorney. A skilled and knowledgeable legal representative can help guide individuals through this difficult experience.

Source:, "7 ways to manage financial pitfalls during a late-in-life divorce", Melody Juge, Feb. 9, 2018

No Comments

Leave a comment
Comment Information
Reppucci & Roeder Attorneys at Law | 5727 N. 7th Street, Ste. 205, Phoenix, Arizona 85014 Phone: (480) 900-5538 Map & Directions
Facebook Twitter Linkedin Google Plus
Review Us