Gray Divorce/Divorce Over 50
A gray divorce involves a separation between older couples over the age of 50. Many people divorcing in their 50s and 60s worry about the financial consequences. The most common concerns include retirement planning, investments, and asset distribution.
A divorce later in life may have a complicated division of assets, but you don't have to deal with it alone. Naimi Family Law Group, family lawyers in Las Vegas, NV, explain what you need to know when planning or facing a divorce over 50.
Reasons for Divorce Over 50 in Nevada
According to researchers, gray divorces are becoming more common for several reasons. The first being couples married for over 20 years may grow apart. Some couples may have empty nest syndrome or grief after their adult children move out.
Nowadays, divorce does not carry the same stigma as it did for previous generations. Married couples in unhappy relationships may want to seek new relationships. Other reasons for divorce include dealing with infidelity and seeking financial independence.
Financial Complications During Divorce in Nevada
The financial aspects of divorce are more important for older couples. Often, retirement accounts and plans are excluded from asset division. USA Today has reported that contributing jointly to a shared retirement plan is less expensive than an individual account.
A spouse in their 50s or 60s who has never worked may have trouble supporting themselves. As a result, a divorce can leave you short on retirement savings. Plan ahead to divide complex assets to resolve financial issues for divorce over 50.
Dividing Community Property in Nevada
Under Nevada law, both spouses share equal ownership of marital property. Marital property includes both partners' assets and debts. However, these laws do not apply to separate property such as inheritance or gifts.
In some cases, issues may arise while dividing community property in half. A marital asset used to pay off debt makes splitting the property harder. Older adults should seek legal representation or a gray divorce mediator to achieve a fair, cost-effective settlement.
Mistakes to Avoid When Divorcing in Nevada
Avoid the following most common divorce mistakes if you're over 50 and planning to divorce.
Not Planning Ahead
The idea of life without your spouse may seem difficult for those in long-term marriages. However, the best thing you can do is plan for the future. If you're close to retirement age, consider how the divorce will impact your retirement plans and life savings.
Not Asking for Help
The divorce process can be very emotional. The end of a marriage is a major event that requires time for grieving. It's important to ask for help from friends, family, or a trained psychotherapist.
Naimi Family Law Group: Work With Experienced Divorce and Family Law Attorneys in Nevada
Gray divorce can be stressful for both parties. At Naimi Family Law Group, we offer compassionate, high-quality counsel to ease your concerns during this difficult time. Our team will provide expert legal advice and explain all your options.
Contact Naimi Family Law Group today for a consultation and more information on divorce over 50. Call us at (702) 901-4800 to speak with a divorce lawyer in Las Vegas.