Retirement accounts, Social Security and health insurance are matters with which many older Utah residents are concerned. When the parties are over the age of 50 and getting divorced, these issues often take center stage. This makes divorce matters for these so-called "gray" couples different from young couples who may not have as difficult a time rebuilding finances after a divorce.
During the marriage, couples often work together to build retirement accounts that would support their lifestyle later in life. When a couple divorces, those pooled resources are often split, which can significantly reduce a nest egg. A divorce decree is often not enough to effect the division of a retirement account. It is important to provide for a Qualified Domestic Relations Order for the transfer of funds and to avoid any taxes and penalties ordinarily incurred.