Property division takes precedence in gray divorce

On behalf of South Tampa Law Group posted in property division on Friday, June 1, 2018.

Older couples are choosing to end their marriages in increasing numbers. Some individuals with knowledge in this area say that it is a rapidly growing age group for divorces. Florida couples over the age of 50 who are considering divorce should know that they are not alone. Older individuals seeking divorce typically have unique needs, and careful property division is one of them.

Some experts say that the number of divorces in this age group is rising and has gone up from 25 percent to 30 percent of all marriages of individuals over 50 in just a few short years. Many of the people who are seeking divorce have spent many years and even decades together. For one reason or another, they have grown apart and are looking for a way to move on.

Unlike younger married couples seeking to dissolve a marriage, gray divorcees usually do not have child custody or child support issues since their children are already grown. What does become important then is dividing the assets. For many, their most productive income-earning years are behind them, and the assets they have built with a spouse will be what the two need to depend on.

A careful property division during gray divorce will take this into account. In Florida, each party will need to reveal and review all assets, including real estate, investments and retirement accounts. Taking on this task can be daunting, especially during a time of relative stress. Many choose to enlist the aid of an experienced family law attorney.

Source: wjla.com, “Gray Divorce: Couples parting ways after decades of marriage”, Alexis Arnold, May 30, 2018