Are you over 50 and looking for a gray divorce lawyer in New Mexico? Divorce for couples that are 50 and over are increasing across New Mexico. The divorce rates for Americans that are 50 and older has doubled since 1995.
Gray divorces are the fastest growing group of divorces in America. Divorce, at any age, can be a stressful and life-changing event. However, divorce can also bring positive change and a fresh start. Gray divorce in New Mexico often enables a spouse to end a toxic or bad relationship.
The divorce process can be negative — but not all marriages are positive. A gray divorce can enable older spouses to enjoy their golden years. A gray divorce can enable you to cut the ties of a bad relationship that is holding you back from living your best life.
COMMON REASONS FOR A GRAY DIVORCE
EMPTY NEST SYDROM – LIFE CHANGES WHEN CHILDREN LEAVE THE HOME
Children often act as the glue that keeps a marriage together. Raising children often unites a couple and gives the couple a team mentality and unified goal to work towards. A marriage can fall off the tracks when children leave the home.
An unhappy couple may stay together for the child’s benefit. Couples are reluctant to end a marriage and disrupt a child’s life and stability.
Once the child leaves the home, the couple may realize that they no longer have anything in common. Possibly the relationship was founded, centered, and held together by a child that has now left the home.
The divorce process is also simplified when children reach adulthood, for the following reasons:
- Issues such as custody, timesharing, and child support are no longer necessary to complete the divorce;
- The divorce does not require a Parenting Plan;
- The biggest emotional factor — children — are removed from the equation;
- Child support is no longer an issue that can create hurdles for the divorce.
For these reasons, couples may postpone getting a divorce until children leave the home.
Possibly you are staying in an unhealthy or unhappy marriage because of your children. Maybe you are waiting until your children leave home to file for divorce. Life changes when children leave the home. Sometimes this change causes couples to grow apart and into divorce.
GRAY DIVORCES ARE BECOMING MORE COMMON
Gray divorces are becoming more common across America for the following reasons:
- Decreased societal pressure to remain married;
- Bill Gates and other celebrities divorcing over 50;
- Lowered social stigma with divorce;
- Women have become more financially independent and are less likely to be financially dependent on their husband;
- COVID-19 may also be to blame for the increase in gray divorce. COVID-19 has radically changed how Americans think and interact. COVID has also compounded financial and emotional issues within a marriage. COVID has lead to major life-changes, which can lead to divorce.
- Mental health issues, domestic violence and restraining order of protections are on the rise with Americans over 50.
FINANCIAL PROBLEMS AND MONEY ISSUES
Gray divorces are often caused by money issues that that have grown over time. At times a couple does not see eye-to-eye regarding finances. In some situations, one spouse spends money recklessly, rather than saving for retirement. In other situations, one spouse may have an addiction that drains the couple’s financial resources.
Arguments that center on money problems are one of the leading causes for divorce in what should be one’s “golden years.”
Financial problems can cause a crack in the relationship that grows into a canyon. Over time, financial problems can cause resentment that reaches a boiling point that spills over into divorce.
INFIDELITY — GRAY DIVORCE LAWYER IN NEW MEXICO
Infidelity is an issue that affects couples of all ages.
According to a study conducted at the University of Washington, infidelity is the cause for 20 to 40% of divorces in America.
Some experts point a finger at the growing use of technology, social media, and dating websites as the culprit for infidelity among couples over 50. Other sources attribute the rise in infidelity with older Americans to longer life expectancies, midlife crises, growing apart, and increased attraction to other people that grows over time.
HOW IS A GRAY DIVORCE DIFFERENT THAN OTHER DIVORES?
GRAY DIVORCES HAVE A BIGGER IMPACT ON RETIREMENT PLANS
Divorcing at or after the age of retirement can have a big impact on your long-term plans. Divorcing over the age of 50 can alter your retirement plans in the following ways:
- The location you desire to retire;
- Your standard of living during retirement; or
- The countries and places that you desire to travel and visit after retirement.
Because New Mexico is a community property state, retirement accounts that are built during the marriage are split in half upon divorce. Also, bank accounts and other assets that were generated during the marriage are split 50-50 with divorce. Cutting your retirement and assets in half can greatly impact your retirement plans and standard of living.
GRAY DIVORCES OFTEN INVOLVE LARGER SPOUSAL SUPPORT CLAIMS
Gray divorces often include claims for alimony/spousal support – especially when one spouse was the primary breadwinner during the marriage. In some marriages, one spouse may have stayed at home to care for the house and children. In other marriages, one spouse may have stayed at home and did not enter the workforce or receive education or training to advance their career.
The two biggest factors that impact alimony in New Mexico are need and ability to pay. For more information on alimony/spousal support in New Mexico, click HERE.
FINANCIAL SUPPORT AND GRAY DIVORCE IN NEW MEXICO
No matter how old you are when considering divorce, it is important to understand your complete financial picture. The discovery process is especially crucial in longer marriages, to undercover the scope of the marital assets and debts.
The following financial information is important during a gray divorce:
- Income information;
- Bank account information;
- Tax information;
- Retirement accounts; and
- Assets and debts information.
Gray divorces often involve longer marriages. Gray divorces require each spouse to closely examine retirement assets, community property, and debt. Often multiple homes are involved with gray divorces. A family business may also be included in the gray divorce.
Are you facing a gray divorce in New Mexico. If so, don’t forget to consider the following assets:
- Antiques
- Collectibles
- Stocks
- Bitcoin
- Options (vested and un-vested)
- Private equity
ARE YOU LOOKING FOR A GRAY DIVORCE LAWYER IN NEW MEXICO?
Do you have questions about gray divorces? Are you looking for a gray divorce lawyer in New Mexico? Matthew Legan Sanchez is a seasoned and experienced divorce attorney in Bernalillo, Sandoval, Santa Fe, or Valencia County in New Mexico. Call (505) SANCHEZ today.
Gray divorce lawyer in New Mexico
