The financial impact of gray divorces

Older Nevada couples who are getting a divorce should know that it can have a significant and negative impact on their finances. They should also know that because they are close to retirement, they have a limited amount of time to financially recover.

Data from the Pew Research Center states that the divorce rate for adults in the United States who are at least 50 years old is about two times was it was in the 1990s. This is while the divorce rates for the rest of the age demographics have declined. Individuals who get divorced after 50 may find it difficult to recover financially because it is highly likely that they have already reached their highest earning potential. Good employment opportunities may also be scarce, and most of their assets are typically fixed.

One of the most important assets that gray divorcers have to allocate is the value of the home. Usually, the division of an asset like a home tends to be more complicated than the division of brokerage or retirement accounts because one of the parties has a strong emotional attachment to the home and prefers to continue to reside there. This party may have to relinquish ownership of other assets in order to remain in a home that will be expensive to maintain.

A family law attorney may protect the interests of a client during the property division phase in which there are substantial marital assets to divide. The attorney may provide objective guidance and advise clients of which assets should be kept with an eye towards the client's financial future.

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