Gray Divorces Increase In Florida
Many people assume that once they have been married for 25 or 30 years, that they are in it for the long-haul, however, that is increasingly not the case. In fact, more and more married couples are deciding to call it quits later in life. Whereas divorces over 50 used to be somewhat of a rarity, they now represent one third of all divorces filed. In fact, the rate of divorces among couples over 50 years of age has more than doubled over the past 25 years. These divorces, where both spouses are over the age of 50, have come to be known as gray divorces. If you are considering filing for divorce, or are currently going through a divorce, and you and your spouse are both over the age of 50, there may be special considerations that you need to weigh when it comes to dissolving your marriage. We will discuss these more below.
Special Considerations for Gray Divorces
When two people have spent decades building a life, savings, and preparing for retirement together, it will not be a simple matter to dissolve their marriage. There are many things to consider when it comes to asset division and spousal support, so it’s important to work with an attorney who is experienced in handling these kinds of cases. Below, we’ve included some factors to consider.
- Retirement and divorce costs. People over the age of 50 may already be retired or are approaching retirement. This means that unlike other age groups, they will likely not be able to replenish any costs incurred or savings lost as a result of the divorce. This could put the parties at serious risk when it comes to being able to comfortably retire and is something that their lawyers should take special care to consider. For instance, gray couples should avoid contentious divorces at all costs, instead opting to use mediation or negotiation with the help of attorneys in order to reduce the costs of the divorce and preserve their marital assets as much as possible. Couples should likely also consider liquidating assets and dividing the proceeds in order to avoid heavy taxes and lose savings trying to purchase certain assets from the other spouse to ensure they have the funds they need moving forward. It is a good idea to involve an accountant and financial advisor in this process.
- High assets. Gray divorces are often high asset divorces because the parties have been saving jointly and for retirement for so long.
- Diversity of assets. Gray couples often have a wide variety of assets which must be considered, including retirement accounts, annuities, social security benefits, and other assets, in addition to shared property and finances.
- Marital waste. There is a risk in gray divorces that one of the spouses will panic about potentially losing their retirement income and try to hide or deplete marital assets, depriving the other spouse of a fair settlement. For this reason precautions should be taken and all financial statements should be reviewed for any red flags.
Contact Bubley & Bubley, P.A. Today and Schedule a Consultation
If you are filing for divorce in Tampa, it’s important to make sure that you get the best settlement possible. The experienced Tampa divorce attorneys at Bubley & Bubley, P.A. are ready to help. Contact us today to schedule a consultation.