When spouses in Florida decide to end their marriage, they are both likely aware the path forward may be bumpy. Regardless of circumstances, a divorce is often an emotionally charged and challenging process. For older couples who are near retirement age, a marital breakup can present some very unique challenges and obstacles. Here are some of the challenges often faced by older adults who are going through a gray divorce.
Asset division
Florida is an equitable distribution state, which means that marital assets will be divided as fairly or equitably as possible among spouses. Typically, older couples have accumulated many marital assets over the years. Because of this, asset division in gray divorces is often more complicated and often a point of contention.
Retirement
A gray divorce can significantly impact retirement plans. Older spouses often have significant retirement savings built up or may already be retired and living off retirement investments. Divorcing late in life can make it difficult to retire and dramatically alter retirement plans.
The home
In some gray divorces, the home is a source of conflict. Many times, older couples either own their home outright or are close to paying it off and have equity built up in the home. One spouse may want to keep the home while the other wants to sell it to access the equity, or both parties may want to keep the house for themselves.
Getting professional help
Going through a gray divorce can throw a wrench into retirement plans and life in general. However, a divorce at any age does not mean a person has to forget about their hopes and dreams or put them on hold. There is legal assistance readily available for those in Florida who have questions or are headed for divorce. An experienced family law attorney can provide invaluable guidance while protecting the personal interests of the client.