Projections, based on current rates, are that 40% of recent marriages will end in divorce. To investigate the factors associated with long term marriage stability and satisfaction among elderly persons, 60 California older adults (30 married, 30 divorced) were interviewed about their perceptions of the role of companionship, alternatives to marriage, and marital satisfaction in relation to marital stability. An analysis of the results showed a direct relationship between marital stability and companionship, with 70% of married persons sharing high companionship and only 30% of divorced persons having shared a high level of companionship during marriage. A large majority of divorced persons (80%) perceived a greater number of alternatives to marriage, while only 20% of married persons expressed a high perception of alternatives. Those divorced or married persons who perceived fewer alternatives were more satisfied with their marriages than persons who perceived high alternatives. Divorced persons were less satisfied during marriage (56.7%) than presently married persons (86.7%). These findings suggest that a high companionship, role reciprocal marriage is essential for late life satisfaction. (BL)