When couples decide that it is time to end a decades-long marriage, a collaborative process may avoid dividing assets based on the decisions of a Florida divorce court judge. According to a study reported in Bloomberg magazine, an individual’s wealth can drop by about half after a gray divorce. 

Reportedly, women may see their standard of living drop by nearly 45%. Men, however, may only experience a 21% reduction in their standard of living after a gray divorce. While some individuals may view a late-in-life marriage dissolution as an opportunity to start a new career, others may find themselves unable to enter or rejoin the workforce. 

Maintaining a standard of living may require financial support 

For individuals over the age of 50, dividing assets to secure a comfortable retirement arrangement may be the most important issue to consider. Individuals who have earned income through a long-term career may look forward to retiring with the financial means to do so provided by an employer-sponsored plan. Others, however, may require financial assistance to get by and request alimony or spousal support. 

Coming to an agreement before going to court  

Negotiating alimony or financial support with a soon-to-be ex-spouse may be a quick and much smoother process through a collaborative divorce. Couples living together already understand how to maintain their household budget. Coming to a mutually agreeable arrangement through the collaborative process may involve little more than an amicable and realistic budget discussion. 

When distributing property in a way that meets each spouse’s needs, a collaborative divorce process allows for open discussion and negotiation. Settling matters out of court may enable a divorcing couple to reach a more equitable and satisfactory agreement, as noted by Reader’s Digest magazine.