North Tampa Legal Group, PA

Special financial considerations for “gray divorce”

On behalf of North Tampa Legal Group posted in divorce on Monday, February 4, 2019.

Divorce is usually considered an issue for people in their 30s and 40s, though it can affect people of any age. Here in Florida and around the nation, researchers are seeing a rise in the numbers of people who file for divorce after turning 50. Though it is becoming more common, there are particular financial implications for people in this age group of which they need to be aware.

Though divorce rates for other ages have gone down, or at least not increased, statistics show that 25 percent of people getting a divorce are at least 50 years old or more. Many of these couples have been married for a considerable length of time and may have a great deal of assets between them that will need to be divided. Courts may award longer-term alimony in that scenario, whereas in divorces between couples who are younger, alimony — if any — may be short-term. A shared home will need to be valued and the party who wants to keep it will need to consider whether that individual can also maintain it.

Pension plans and retirement funds can also be tricky to deal with, no matter what the circumstances of the divorce may be. Each party will want to consult a financial expert to ensure that the money is divided in the most advantageous way possible. For the future, experts also advise that if there was no prenuptial agreement for the current marriage, ex-spouses should consider creating one if they get remarried. Adult children and other assets may be affected without one.

No matter the ages of those people who are seeking a divorce here in Florida, each spouse would also greatly benefit from the experience of a knowledgeable divorce attorney. Each individual’s attorney would determine a course of action based on the exact circumstances of the divorce. It could be the start of a bright new future for each person involved.