The divorce rate of the Baby Boomer generation has shown a steep increase over the last decade. Research has shown that the divorce rate for people aged 50 plus has doubled in the period between 1990 and 2010. Arizona couples in the 50 and over age group that are considering getting divorced may find that reaching a settlement is no simple matter.
It is important to remember that, once an agreement is reached, it cannot be changed. Something else to consider is that, unlike younger people, someone over 50 has limited time to recover from any poor financial decisions they make. That is why it is important for each party to protect their financial position.
One of the first tips to keep in mind is to stay calm and treat the divorce the same as you would any business transaction. Although this may sound cold-hearted, it allows for an objective division of assets, which may help reaching a settlement faster. Another tip is to consider getting an objective third party to act as mediator and guide the divorcing partners to a fair settlement. It is, however, important to allow such a person access to all relevant financial information.
Apart from assets, it is important to analyze all debts — shared and individual — to avoid any unpleasant surprises. Retirement benefits are another important aspect, as these are not included in a divorce agreement and require a separate agreement. Lastly, when someone is over 50, getting health care may be difficult; therefore, it is important to take this into consideration when negotiating a settlement.
Division of marital property can be difficult and complicated, but it does not have to be impossible. Arizona couples that are over 50 and considering divorce may find it beneficial to obtain the help of a legal expert to assist them through the difficult negotiations in order to reach a fair settlement. The assistance of a person to act as a go-between can help the couple avoid some of the pitfalls involved in reaching a divorce settlement.
Contact Our Divorce Attorney Mesa AZ
If you are facing a divorce at the age of 50, our divorce attorneys can help. Call the Law Offices of Janice M. Palmer, P.C. at (480) 820-4771 or toll-free at (888) 352-7725 for a consultation.
Source: USA Today, “Protect finances in later-in-life divorce“, Anna Helhoski, Nov. 23, 2014