With people living longer, the prevalence of divorce after 50 has been growing in recent years, while the divorce rates for younger age groups have been steadily declining. Those in the legal community have even coined the term “Gray Divorce” to refer to divorce proceedings for couples over the age of 50. Before filing for divorce, you need to take the time to evaluate several aspects and how a divorce will impact your future by consulting with a qualified Las Vegas divorce lawyer.
Division of Assets
Dividing up assets later in life is often more complex because most people over 50 have built up substantial assets during the course of their marriage. The kids are grown, and are either in their teen years or have moved out. As a result, most couples have more money to invest and save. Specific assets you will have to divide up with your spouse include, but may not be limited to:
- The Marital Home
- Investment/Rental Properties
- Retirement Plans
- Saving Accounts
- Stocks and Bonds
In some cases, it is better to sell certain assets and split the proceeds, rather than attempting to retain them.
Division of Debts
Depending upon where you live, you could face community property laws, like in Nevada, where you are responsible for half of any debts you owe as a couple or individually, even if the debt is not in your name. So, if you or your spouse has “secret” credit cards or lines of credit, you are going to be responsible to pay half of this debt on top of any other debts you hold jointly.
Health Insurance Coverage
If you are currently covered by your spouse’s insurance plan, you may have to obtain your own health insurance coverage after getting divorced. It is worth your time to find out how much your own coverage is going to cost and what options you have available, like a plan through your employer or the Affordable Health Care Act if you are not yet qualified for Medicare.
Support for Children
Even though you are ending your marriage, there may still be financial obligations for your children. You might be required to maintain health insurance, help pay for their college education, or pay child support if your child is not yet 18.
The Costs of Getting Divorced
You and your spouse will have legal fees to pay for divorce lawyers in Las Vegas. In some cases, you could be held responsible for paying a portion or all of your spouse’s legal fees in addition to your own. Further, if you and your spouse cannot agree on various aspects of the divorce proceedings, the divorce process can drag on, increasing the amount spent on legal fees. If at all possible, it is better to try to work out an amicable divorce with your spouse, as it not only will save you both money, but also time.
Even though Social Security is not a divisible asset, you or your spouse could be entitled to draw up to 50% of the other’s Social Security benefits, without affecting the other’s benefit amount. In addition, if you or your former spouse dies after getting divorced, you still might be entitled to draw 100% of the survivor benefits, as long as you meet specific requirements.
Getting divorced is an emotional and stressful period, no matter your age. Making sure you are prepared, not only during the divorce but after it is final by understanding your rights and obligations, will help you look toward the future. For more information about divorce proceedings and to get your questions answered, contact McFarling Law Group today by calling 702-565-4335 to schedule a consultation appointment.