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.
In addition to financial issues, older divorcees could face a smaller emotional support system of friends and family. Friends may choose sides, leaving people without the support that they need.
Older people who choose to divorce may have spent years accumulating assets, leaving them with complex property division issues. That’s why many senior couples go through high-asset divorces. Attorneys may help such clients determine how to divide property while minimizing the financial consequences. Furthermore, a lawyer could work to help a client protect the ability to retire and maintain the necessary financial support.