Call Our Firm Today! 775.476.5642

Divorce, Older Couples and Finances

The Pew Research Center reports that the divorce rate for adults who are 50 years of age or older is twice what it was 25 years ago. Before going through with a separation, older couples in Nevada should understand the impact a divorce can have on their finances.

A soon-to-be ex can begin preparing for the future by making a comprehensive list of all their assets before they speak with an attorney. They should specify which assets are jointly held and which are held individually. The inventory should also include any inherited assets that have been transferred to jointly held accounts.

Furthermore, the work history for both spouses is important. Spouses should make a list of all current and previous employers so that any pension funds can be noted. It can be easy to lose track of funds from profit sharing, deferred compensation plans, stock options, pensions or defined-benefit plans if one has had multiple jobs.

Alimony is one of the many issues that will be addressed during the divorce. Lower-earning spouses should verify how they will receive the funds to which they are entitled if the payer loses a job, has their income reduced or dies. Instead of receiving alimony on a monthly basis, spouses may want to consider receiving a lump sum settlement. If there is an insurance policy for the alimony, a copy of the insurance contract should be obtained and reviewed very carefully.

A family law attorney may work to ensure that a client's rights and interests are protected during the divorce process. The lawyer could engage in negotiations to obtain the desired settlement terms regarding property division, alimony, child custody, child support, visitation plans and any other divorce legal issues.

Categories: