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Financial considerations in gray divorce

On Behalf of | Feb 2, 2023 | Divorce |

As the demographics shift, gray divorces are becoming increasingly prevalent in the U.S., with recent reports suggesting a significant rise in such cases over the coming years. Studies reveal that divorce rates between couples aged 50 and older have doubled since 1990, while those above 65 were subject to a threefold increase during this period. In Nebraska, as in other states, gray divorces can have a significant impact on finances and retirement plans. It’s important for couples considering divorce to evaluate their financial situation as they go through this stressful and complex process.

Knowing what you have

First, you must make a realistic assessment of your financial situation. This means gathering all the information about income and expenses, debts, investments and other assets. You should also take into account any changes in lifestyle that may occur as a result of the separation. This will help you determine if you can sustain your needs after the divorce is complete.

Divorce-related costs

It is important to remember that a gray divorce can be expensive and time-consuming. For example, you may need to hire a mediator to help with negotiations, pay for court fees, and divide assets (such as stocks, 401(k)s, real estate holdings, etc.). Additionally, couples likely will face additional taxes if they transfer assets like retirement accounts. It’s important to be aware of all of these costs to prepare adequately in advance for a smoother process.

Nebraska divorce laws

In Nebraska, the court will divide property and debts in an equitable fashion. This means that they consider various factors such as the length of the marriage, financial contributions both spouses made during the marriage, age, health condition and economic future when deciding what each couple should get from the marital property. It is also important to remember that the court may award alimony if one spouse has significantly less income than the other or was financially dependent on their partner for many years.

No divorce is ever easy in Nebraska, and given the unique circumstances of a gray divorce, you can only expect more complexity. However, with the right preparation and knowledge of the state’s laws, you can ensure that the process goes as smoothly as possible.