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Don’t make these mistakes when going through an over-50 divorce

| May 25, 2021 | Divorce

Unfortunately, things can become more difficult for individuals going through what’s known as a grey divorce. This term is used for couples over the age of 50 who are separating. If you’re going through this type of divorce in Florida, it’s important to avoid making the following mistakes.

Fighting too hard for the house

Something of importance in almost any grey divorce is the house that a couple previously shared. While it might seem like a wise move to fight for this house, you may be getting more than you bargained for. Getting ownership of this house means paying for property taxes, upkeep and other expenses, which you might not be able to afford.

Not knowing the worth of your assets

One of the most important steps to follow when divorcing over 50 is taking an inventory of your assets. This means taking note of all bank accounts, investments, life insurance policies and retirement accounts.

Deciding what to do about insurance

In certain marriages, both parties have insurance from a single policy. If you weren’t the policyholder in your marriage, you’ll need to determine how you’ll have insurance in the future. With the other party’s acceptance, it’s possible to do a legal separation. In this situation, you and your former spouse would no longer be in a relationship, but you would remain insured under one policy.

Trying to hide assets

It might seem like hiding assets in a divorce could let you walk away with more money. However, hiding assets isn’t only illegal, but it can also mean paying more in legal fees.

As you can see, going through a grey divorce does come with challenges. For help with this situation, consider reaching out to a family law attorney.