Special challenges await women amid late life divorce

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Special challenges await women amid late life
divorce
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According to recent statistics, the rate of
divorce for couples ages 50 and older in the
United States has almost doubled in the last 15
to 20 years. In what is commonly referred to as
gray divorce, couples in Arizona and across the
country are deciding to split later in life after
decades of marriage. Being single and over the
age of 50 can present unique financial
challenges, especially for women.   Traditionally,
women in the baby boomer generation left major
financial decisions up to husbands. Things like
investing and retirement planning were shouldered
by spouses, so when marriages end late in life
women often find themselves in a bit of a present
and future financial conundrum. According to a
recent survey, almost 60 percent of divorcees did
not participate in long-term financial planning
while they were married and expressed regret in
not doing so.   Most newly-divorced women that
were surveyed said that, in hindsight, they would
recommend total financial transparency in a
marriage. Some financial surprises these women
commonly discovered post-divorce were hidden
accounts and hidden debt, as well as outdated
wills. However, some notable positive things that
was discovered included things like 401k
retirement accounts and savings accounts that
were not known to exist.
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Although the rate of gray divorce continues to
rise across the country, ending a marriage at any
stage in life can be a stressful and confusing
thing to experience. Arizona residents that have
questions about divorce and family law could
benefit from the services of a knowledgeable
attorney. A skilled litigator can help
individuals navigate through this difficult
process.   Article Resource - https//www.attorney
s-arizonablog.com/2018/05/special-challenges-await
-women-amid-late-life-divorce.shtml