Representing Clients In West Palm Beach And Beyond Since 1977

Financial woes impacting gray divorces

On Behalf of | Jan 20, 2023 | Family Law

Financial ties present serious challenges for divorcing Florida couples over 50. A gray divorce references older couples married for years and sharing common assets, debts, and other liabilities. These couples might also share minor or disabled children, pets or other responsibilities.

Family law intervenes in gray divorces when it comes to guardianship and visitation. Deciding on these matters is time-consuming and expensive. Many couples facing a gray divorce think carefully about their futures when making this crucial decision. Other aging challenges include healthcare, long-term care, 401K, pensions and more. Closely examining your financial position is a smart way to learn the value of your common assets.

Do you have to pay or share your earnings with your ex-spouse?

Both spouses share most assets and liabilities. A judge might award greater financial distribution to the spouse with the most significant responsibility. For instance, if one spouse is the primary caregiver or keeps the house, a judge can award them a greater share of the assets.

An ex-spouse could receive spousal Social Security benefits if the marriage lasted at least ten years. Joint health or life insurance policies might require one spouse to make the premium payments while the other remains the beneficiary. Employment benefits might also be divided among the divorcing spouses.

Family law issues facing a gray divorce

Custody battles add stress to a difficult separation. After dividing properties and finances, the battle over child custody is a woeful process. Couples who consider what’s best for their children fare well regarding custody agreements. Children and parents who go through divorces, including moving out of state or a significant distance, face visitation challenges.

Other property issues include burial sites and plot ownership. Divorcing couples must make decisions about end-of-life matters, often changing their wills, living wills and the beneficiaries on life insurance policies and investment accounts.

Securing a fair and equitable divorce settlement

Couples facing divorce later in life benefit from peaceful negotiations. A division based on compromise and fair distribution of assets results in a more equitable separation agreement.