Individuals over the age of 50 in Arizona and throughout the country may be more likely to divorce than Americans in other age groups. While divorce can be challenging at any age, it can be especially challenging to do so later in life. For instance, there may be questions as to how to split a retirement account or when to claim Social Security benefits. In most cases, retirement accounts are treated as marital property.
This means that they are split evenly or equitably depending on the facts of a given divorce case. However, retirement accounts are not the only assets that could be divided in a divorce. Anything else that was obtained during a marriage could be fair game to be split between a formerly married couple. If a marriage lasted for many years or decades, it can be difficult to determine if an item is marital or separate property.
No matter how old a son or daughter is when his or her parents get divorced, it can have an impact on his or her life. In some cases, adults are forced to press pause on their own lives to mediate disputes between parents. They may also be asked to provide emotional or other support, which may be difficult for those who may have other obligations to tend to.
A high-asset divorce may be more contentious than others. This is because individuals may be seeking a share of rare items or assets that may be worth millions of dollars. Of course, couples with vast financial resources may also be more likely to have a prenuptial agreement. An attorney may be able to review a case and create a strategy to help an individual obtain property, spousal support or other types of assistance in a settlement.