It appears that many Baby Boomers are choosing to end their marriages these days. In Arizona and across the nation, those 50 and older head to divorce court quite often. In fact, some estimates claim the numbers of divorce in this age group have doubled in recent years.
One of the reasons for an increase in divorce in the over-50 crowd appears to be that married couples have fewer children today. This apparently leads to many years spent at home with just two people, which poses a great challenge to some couples. As time goes on and personalities, goals and needs drastically change, many couples determine that their differences are no longer tolerable.
Regardless of why a couple dissolves a marriage, a topic of concern for many is finances. More specifically, many spouses fear they will lose their retirement or profit-sharing funds if theirs becomes a single household. Some say that spending and budgeting is often convenient as a couple, which is something many people simply take for granted.
When a spouse suddenly becomes single again, things like health insurance or other necessities suddenly grow more expensive, which that spouse might not be financially prepared to address. Current data suggests that, of the most commonly argued about topics between spouses seeking divorce, the top three areas of contention include pensions, alimony and business interests. If anyone in Arizona is worried about how divorce will impact retirement, a request for consultation may be made through a law office to discuss the situation and obtain effective guidance.
Source: foxbusiness.com, “Can You Lose Your 401k in a Divorce?“, Casey Dowd, Aug. 11, 2016