The divorce rate among younger couples has decreased over recent years. The same is not true for the older generations, as the so-called “gray” divorce rates have climbed significantly since 1990. Though there are many reasons why these older spouses are calling it quits, what is common to most is the importance of property division for older individuals. Florida residents who are divorcing at a later age may benefit from consulting with financial professionals.
At this stage in life, many unhappily married spouses are choosing to seek more enjoyment by divorcing rather than remaining with a partner who no longer provides the companionship they desire. However, due to age and possibly limited options for financing retirement goals, the need for negotiating a suitable settlement becomes the focus. If either spouse has retirement savings or plans that were financed during the marriage, they will likely be split as evenly as possible. Other assets, such as stocks or other holdings may require more skill to determine how they can be divided.
If one spouse has a lower income, or did not have outside employment, the negotiations may include a provision for alimony, though the paying spouse may object based on a fixed income in the near-future. Social Security will likely be an integral component within the discussions over assets. If the assets include a small business, the negotiations may become more complex, unless there is a pre-existing agreement covering how it will be handled in the event of a divorce.
Those who own separate assets may also encounter difficulty, especially when both parties are worried about planning for their financial future. Every divorce requires careful consideration, no matter the circumstances. Florida residents who are planning for a new future after their divorce may benefit from the guidance of skilled professionals, especially a divorce attorney who can ensure that the property division will provide for a secure financial foundation.