DEDICATED TO OUR CLIENTS, EVERY STEP OF THE WAY

Achieving a fair later-in-life divorce settlement

| Jan 7, 2021 | Divorce |

Millions of people are setting goals for 2021. Family courts in Florida and throughout the country typically see an uptick in divorce cases during the month of January, as starting afresh in life and dissolving a marital relationship is a New Year’s resolution that is common for many individuals. For those filing petitions at an older age, it is especially important to be proactive in making sure to obtain a fair settlement.

People who are age 60 and beyond currently have the highest rate of divorce in the United States. In such cases, financial issues are often a top priority. While going separate ways after decades of marriage can spark an emotional upheaval in a person’s life, the financial implications of a later-in-life divorce can have a significant impact on a spouse’s ability to provide for him or herself down the line.

Particularly for people who are accustomed to living in dual income households, the sudden loss of income can cause serious financial distress after divorce. In fact, many people over age 60 see their income drop by as much as 33% after a divorce. A concerned spouse will want to take all financial issues, including pensions, investments, major assets such as the marital home and more into account before agreeing to a settlement.

It is helpful to consult with an experienced Florida family law attorney before navigating divorce proceedings. An attorney will focus on protecting a client’s interests and make recommendations regarding settlement issues. The lawyer can also remain on hand to bring any problematic issues to a judge’s attention on a client’s behalf, such as if the other spouse has not fully disclosed all assets and liabilities.