Special Considerations In Gray Divorce Cases
It is easy to assume that when a couple has been together for several years, particularly when they have been together for decades, that they will be together forever. However, the number of gray divorce cases that involve older individuals has been increasing for the past few years. Gray divorces are governed by the same laws as any other divorce case, but they do have some special considerations.
Older individuals have usually accumulated a greater amount of assets by the time they get divorced, but they also do not have as much earning potential. If you are considering getting a gray divorce, it is important to take the below factors into consideration.
Alimony is Usually Awarded
In Florida, there are many different types of alimony a person may receive after a divorce. When a younger couple gets a divorce, a judge may award one of them alimony, but it is typically only temporary. This type of alimony is intended to give the recipient time to get back on their feet financially after the divorce. The majority of people that get a divorce later in life though, have typically been married for a significant period of time, and employment may not be a viable option once the divorce is over. As such, alimony is almost always ordered during a gray divorce and it is often permanent.
Life Insurance Obligations
When one spouse is ordered to pay alimony to their spouse during or after the divorce, the judge may also order them to purchase life insurance, which acts as a security for alimony payments. The older a person is, the more expensive life insurance becomes, so this is something to consider.
The Division of Property is Particularly Complex
Property division is always a complicated matter in any divorce, but it becomes even more complex during a gray divorce. Older couples typically have far more assets than younger couples, and that property often has a very high value. Due to the fact that gray divorces often come after a long marriage, it also becomes much harder to determine what is considered marital property and what is considered separate.
Most older couples also have a marital home together, and this must also be divided during divorce. If one spouse remains in the home, the other may receive more in other property and assets. When this is the case, it is often very difficult for the spouse that does not keep the house to leave the home they have lived in for years. The spouse that keeps the home will also face challenges, such as paying for the mortgage, insurance, and property taxes on their own.
Our Family Lawyers in Orlando Can Help with Your Divorce
Gray divorces are no easier to go through than any other kind and in fact, they involve certain factors that can make them more complex. If you are considering getting a gray divorce, our Orlando family lawyers at Anderson & Ferrin have the necessary experience to help you through it. Call us today at 407-412-7041 or fill out our online form to schedule a free initial consultation.