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Reno Nevada Family Law Blog

How to make your divorce easier on your adult children

A lot of attention is paid to minor children whose parents are divorcing. There are seemingly countless books, articles and blogs focused on the topic, but what about adult children? True, in many cases, they have lives independent of their parents, meaning they do not rely on mom and dad for shelter and financial security.

But, that does not mean these adult children do not find themselves confused or grieving when their parents divorce (something that is happening more and more). If you are an older adult who is divorcing, it helps to follow many of the same principles recommended for parents of younger children.

Alimony and tax deduction

For Nevada couples who get a divorce, alimony may be one of the many issues they have to address during the process. However, they should be aware of the tax implications of sending and receiving alimony. People who have to pay a spouse alimony should be particularly aware of the situations in which the alimony they pay may not be tax deductible.

Alimony that is paid as directed by the terms of divorce decree, written separation agreement or separate maintenance decree is typically deductible on a federal tax return. However, there are other certain conditions that must be met in order for the payment to be considered alimony.

Choosing the right advisers during divorce

Divorce can be one of the most difficult times in a person's life. For a spouse in Nevada who is going through a divorce, it may be important to assemble a team of professionals who can help. Family, friends and even a therapist could be helpful during this time.

People may want to specifically look for professionals who specialize in divorce. For example, there are some financial advisers who are experienced in matrimonial matters. A person might find this type of adviser useful both during and after the divorce. The adviser could help the client organize financial records throughout the process. For example, the advisor could assess various financial options related to living on a single income after divorce.

Issues may arise for seniors going through divorce

Over the past 20 years, overall divorce rates have decreased in the United State. At the same time, however, the rate of divorce for spouses older than 50 has continually increased. Nevada residents who get divorced when they are older may face more complex property division issues that can potentially impact retirement.

When seniors divorce, they have less time during which they can save for retirement. This is important because older divorcees may have to divide up all of their assets with their ex-spouses, including retirement accounts. Therefore, these people may be left with insufficient retirement savings and forced to work late into their 60s. Some people wait to get divorced until after they are already retired and no longer draw a steady income. They might find that divorcing is expensive and be forced to take from their retirement savings in order to pay for it. At this age, getting divorced may leave both spouses living in greatly reduced circumstances.

How to stay fiscally responsible during a divorce

Trying to make ends meet after a divorce can be challenging for Nevada residents. By being proactive, however, it's easier to live on a single income or account for potential child or spousal support costs. One of the first steps a person should take when considering a divorce is talking with a lawyer. This could be beneficial even for those who may not need an legal counsel to craft a divorce settlement.

It might be a good idea to keep an eye on joint accounts to ensure that a spouse doesn't remove money without the other's knowledge. It is not uncommon for spouses to put money into an individual account to make the funds harder to divide in a divorce settlement. An individual going through the divorce process may want to look into closing joint accounts or removing a spouse as an authorized user of a credit card.

How to value a business for divorce purposes

Nevada residents who work with their spouses may face unique challenges in the event of a divorce. For some, the business represents their largest and most valuable asset. Therefore, it is worth knowing how much the company could get on the open market. It is also a good idea to know how much debt that it may have or if there are other liabilities to consider.

Those who jointly own a company with a former spouse may be entitled to a buyout. The amount of the buyout depends on how much the company is valued at among other factors. Determining the value of a business may require hiring an objective outside party instead of a business owner making an educated guess.

How studies predict divorce

Nevada couples who have a ten-year age difference might be more likely to get a divorce than couples who are closer in age. This and some other factors have been identified as increasing the likelihood of divorce. For example, couples who marry in their teens or after their early 30s are more likely to divorce than people who marry in their late 20s.

If a husband does not work full-time, divorce is more likely. Divorce is also higher among couples who did not finish high school. While the latter may be related to the stress caused by a lower income, the former does not seem to be correlated to income. The reason may be that there is still a perception that men should be breadwinners.

Guardianship of an adult in Nevada

When age or illness affects a loved one's physical and mental abilities, guardianship may offer the best way for you to help with finances, health care and any other needs.

Nevada law provides for several types of guardianships. Understanding the responsibilities and limitations of each kind of guardian can help you determine which would be most appropriate for your situation.

Situations in which divorce may be the right choice

Some Nevada couples who are considering divorce might feel as though it means they have failed. However, in some cases, divorce is the best choice for two people who have irreconcilable differences. Couples who understand that their relationship is not a failure if it ends in divorce and that it is better in their circumstances to part ways might be better able to negotiate a settlement without the anger and stress that is often involved.

Some situations make it clear that ending the marriage may be the best option. For example, if there is abuse, it may be necessary for the victim to leave. A marriage might also end if there is infidelity or the temptation to infidelity that a person is unable to set aside. In the latter example, counseling might help. However, there are circumstances in which couples go to counseling for whatever issues their marriage has and even try multiple counselors without improving their marriage. This can also mean the marriage is over.

Why some people are more likely to get divorced

Nevada residents who get married too young or get married too old may be at a higher risk for a divorce. This is according to the Institute of Family Studies. However, age is just one reason. For instance, those who have daughters may also be more likely to see their marriages end.

The reason is that girls are more likely to survive a stressful pregnancy, and a stressful pregnancy may have to do with issues in a marriage. It is also possible that some fathers would prefer to have sons as opposed to daughters. Those who finished college may have an advantage over those who didn't finish college when it comes to their divorce risk.

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