Two Decades Of Florida Family Law Experience

The financial woes of gray divorces

On Behalf of | May 10, 2022 | Divorce

Marriages between older persons do not always last. A couple could break apart after many decades of marriage, or a second marriage could fall apart between people age 50 or older. The emotional toll could be extreme for those not expecting to visit a Florida family court to end their union. The financial costs could be far more than initially imagined for some spouses.

A gray divorce’s financial issues

Although young persons may have a significant net worth, most people amass assets over time. Investments made when someone is 35 could become quite lucrative when the individual reaches age 60. Therefore, a gray divorce might revolve around the distribution of significant assets. Divorce proceedings could become complicated when negotiating a settlement, especially when one person contributed the most to the overall collective family wealth.

These issues could affect anyone in any age bracket, but older persons face another jeopardy. Retirement years will soon arrive. Someone who suffers the depletion of personal assets after a divorce may worry dramatically about a pending retirement. Both parties may have specific goals worth pursuing. One spouse might hope to protect their assets, fall another spouse, possibly one of them with lesser means, could look for an equitable settlement and support amounts.

Reaching a divorce agreement

Divorce proceedings come with costs, but a trial could be even more expensive. Therefore, ending a gray divorce amicably could be in both parties’ favor. Otherwise, financial problems could worsen. That’s not to say one spouse should accept less than they deserve. However, it would not likely be in anyone’s interest to drag the process out unnecessarily.

Mediation might be worth pursuing when an impasse occurs. That’s one option worth examining, and there may be others. If the case requires a judge’s decision on a matter, providing the court with compelling evidence could produce a favorable decision.