Financial considerations at the end of long marriages
For older people who are going through a divorce in Florida, there are added considerations about their finances that they should consider when they are working on how to divide their assets. Many people at or over age 50 are choosing to divorce, and doing so may impact their ability to retire on time or to survive comfortably.
Older people may need to write out budgets so that they can see exactly how much money they will have to live on when they are divorced. They should then determine whether or not it will be enough or if they should look for jobs. People who are choosing to return to the workforce should be aware that some employers have age biases, and finding a job may take a long time.
Some older people who get divorced find roommates to live with so that they can cut their expenses. People may want to consider selling their marital homes instead of staying in them if they are unable to afford to remain. It is also important to understand the potential tax consequences that may be involved with taking certain assets.
A family law attorney may be able to advise a client about the potential tax implications of various types of property division. Counsel may also assist clients with thinking through their finances in order to decide how to best protect their ability to retire. An attorney may work to negotiate a full property settlement agreement that may protect their client’s financial security.