The Impact of Later on in Life Divorce on Finances & Family
Florida is one of many states considered home of the gray divorce or divorce for individuals over the age of 50. The divorce rate for individuals in this age bracket has doubled over the past two decades and continues to rise.
One reason for this increase might be that the state has a high number of people divorcing later in life after reaching retirement. As Florida is a retirement destination for many individuals, it is possible for one to reach the age of retirement, start to reflect more on their love life, and if things are not lining up, consider filing for divorce.
An older couple who decides to get divorced later in life typically has different concerns than a younger couple. Some important considerations in a gray divorce include the following:
After the dissolution of a long-term marriage, a spouse can apply for durational supposal support, which could last upwards of 10 years or longer. If the marriage lasted at least 17 years, the spouse could apply for permanent spousal support under certain circumstances. A spouse may also be awarded permanent spousal support if the marriage lasted at least 7 years but less than 17 and there is clear and convincing evidence that this would be appropriate.
If you are looking to retire and considering a divorce, it would benefit you to consider what financial obligations you would have in the form of spousal support once that divorce finalizes.
- Retirement Funds
For individuals pursuing a gray divorce, their retirement funds may just be their most valuable asset. The division of retirement funds is a hot topic in the state of Florida and one that should be discussed extensively with an experienced attorney before getting a divorce. You may have to split your retirement savings with your spouse even if the account already existed at the time of the marriage.
- Life Insurance
Life insurance is also an important topic in a gray divorce. A spouse receiving spousal support may want to pursue life insurance to cover future payments in the event of their spouse’s death. Life insurance can be expensive, especially later in life.
As Florida is an equitable distribution state, all property acquired during the marriage will be divided in a fair way. If you have been married for a long time, it may be difficult to ascertain what is marital property and separate property. In some cases, property purchased before marriage that increased in value over the years might be considered marital property.
How Gray Divorce Impacts Family Members
Divorces that happen after the age of 50 may have a bigger impact on the adult children in the family. This is typically due to the close ties among in-laws and grandchildren who have gotten accustomed to a certain family arrangement.
Additionally, for families that rely on a couple for emotional and financial support over the course of many years, a divorce may seem daunting to them at first. For older adults taking care of their parents in nursing homes, a divorce could mean potentially losing the time and support of one of the individuals in the dynamic.
Consult with a Divorce Attorney for Assistance with Your Gray Divorce
With gray divorces on the rise in Florida, it is important to understand the distinct issues that accompany them. If you are considering a gray divorce, it is advisable to consult with an experienced attorney beforehand who can discuss your interests, the challenges you might face, and other concerns.
Contact us online or call us at (352) 310-8169 to arrange an initial consultation with a skilled member of our family law team.