Financial issues of later-in-life divorce
Over the past 25 years, the divorce rate for people over the age of 50 in Florida and across the country has more than doubled, and studies indicate that this number is continuing to rise. When people consider a divorce later in life, they face all the same challenges that all people do upon the end of a marriage, including emotional, practical and financial concerns. For people divorcing later in life, however, the financial aspects can be particularly complex, especially if the couple has been married for a number of years and accumulated assets together.
Many divorcing couples over the age of 50 are dealing with a high-asset divorce that involves substantial attention to property division and a wide array of investments. It can be very helpful for a divorcing spouse to be prepared with information about the property of the couple, including both jointly held and individual assets. Records of former employment can also be important as they can help to turn up stock options and other assets that should be considered in the divorce.
Spousal support is common in a divorce that features some form of income gap. While alimony orders are often temporary, it can be particularly relevant in a later-in-life divorce to make plans in case of disability, job loss or death. In some cases, purchasing a life insurance policy to cover the amount of spousal support can be well-advised; in other cases, it may be preferable to seek a lump-sum settlement rather than monthly payments.
Divorce can carry particular challenges when it comes to dividing assets and property that have been accumulated over a lifetime. A family law attorney may provide a divorcing spouse at any stage of life with advice and representation to secure a fair divorce settlement.