Things to Know About Gray Divorce in Florida
Florida consistently ranks as a top state for retirees, as people are drawn to the beautiful scenery, bountiful amenities, and mild climate in their later years. Perhaps it is no surprise then, that gray divorces are on the rise in Florida. In fact, the rate of gray divorces is increasing throughout the entire country. Gray divorces are those that involve couples over the age of 50 years old. If you are considering a gray divorce, our Orlando divorce lawyer outlines important things to know below.
Common Reasons for Gray Divorces
There are many reasons why couples 50 years of age and older are choosing to end their marriage. They include:
- No social stigma: When older couples were younger, there was a real stigma around divorce. Now that this is no longer the case, people are choosing to end their marriage.
- Financial independence: Historically, women were financially dependent on their spouse and so, could not afford divorce. Again, this is no longer the case today and so, many women feel empowered to start the divorce process.
- Longer life expectancies: As people look towards living into their 80s, 90s, and even beyond, they do not want to spend those years unhappy, prompting them to file for divorce.
- Empty nesters: Many couples choose to stay together for the kids. When adult children move out of the family home, couples may not have reason to stay together.
Unique Financial and Legal Considerations in Gray Divorces
There are many unique financial and legal considerations in gray divorce cases. These are as follows:
- Dividing retirement accounts: Retirement accounts are typically classified as marital property. Dividing these accounts is very complex and there are certain rules that must be followed to comply with plan rules and avoid penalty fees and taxes.
- Alimony considerations: Alimony is more likely to be awarded after a couple has been married for a long time. The courts will consider the length of the marriage as well as the standard of living established during that time.
- Updating estate plans: Older couples often have estate plans in place that name each other as beneficiaries. Updating these plans is of critical importance to protect yourself, children from previous relationships, and other family members.
Emotional Considerations
Just like in other divorce cases, there are also emotional factors to consider. For example, although children are not impacted by parenting plans and other custody issues, they may still wonder how to navigate their loyalty and be concerned for their parents’ well-being.
Older couples also often have the same social networks. After divorce, one spouse may find that they lose some of these friends, which can be very isolating. Of course, the loss of friendships is never a reason to remain in an unhappy marriage, but it is important to prepare for the possibility.
Our Divorce Lawyer in Orlando Can Help with Your Case
If you are considering a gray divorce, it is critical to obtain legal advice. At Anderson & Ferrin, P.A.. our Orlando divorce lawyer can guide you through the process, help you obtain a fair settlement, and make the process as easy as possible for you. Call us now at 407-412-7041 or contact us online to schedule a consultation and to get the legal help you need.
Source:
letpeg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0000-0099/0061/0061.html
