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.
A divorce can have a lasting financial impact on an individual. By approaching the matter with a cool head, especially during the property division process, a person may be better prepared to make that impact a positive one and not a negative. In Florida, couples call it quits every day, so experts have compiled a useful checklist for reference while an individual undergoes the divorce process.
It is certainly a loving gesture to help a spouse repay student loans. One man who used his own money to pay off a spouse's debt is wondering how this will affect the property division during his divorce. His soon-to-be ex-wife is leaving him after only two years and wants to keep the house and half of his retirement savings. Individuals in Florida facing similar circumstances in divorce may be able to learn from this man's question.
The pending divorce of one famous politician and his wife of 15 years may soon have them splitting up their vacation homes. The two Florida condos they own together are worth an estimated $4 million. The couple, former mayor Rudy Giuliani and his wife Judith, enjoy spending their free time in Florida. The property division process of the two homes could certainly be an issue.
When two people separate, it can be expected that they may not see eye to eye on everything. After all, if they were in total harmony, they probably wouldn't be separating. Florida property division laws were created so that divorcing couples could have a guideline to go by and keep things fair. In the current age, couples are disputing ownership of some modern types of property and keeping lawyers on their toes.
A retirement plan can be a helpful tool for individuals to meet their financial needs after they are ready to stop working. During a divorce, many times retirement plans will be split between the two parties during property division. There are different types of plans, and different methods are used to separate the two. In Florida, a person who uses certain strategies when dividing investment plans can avoid some common fees and penalties.
During the divorce process, the two parties will likely have to settle some matters pertaining to marital assets. In Florida, if two individuals have been married for a significant amount of time, or are older, they may have investments or retirement plans among the accumulated assets. During property division, the proper forms must be filled out to ensure that investments and retirement accounts can be split between the two parties. One such form is called the Qualified Domestic Relations Order, or QDRO.
As gray divorces are on the rise, more individuals find themselves in need of a way to ensure housing after a marital breakup. During the property division portion of the divorce process, individuals may find themselves negotiating about how to handle the family home. An older person may have a more sentimental attachment to the family home but is facing a mortgage that he or she can no longer pay. Another person may want to leave the home but will face difficulty being approved for a mortgage. One expert has suggested that the reverse mortgage could be a possible solution -- a point of view that may interest some individuals located in Florida.
Many individuals are looking for ways to manage finances both during and after a late-in-life divorce. When emotions are high, it can be a challenge to make decisions and think clearly, but if one expends the effort to do so, the result can be worth it. Individuals in Florida may wish to refer to these possible suggestions in order to be better prepared for the property division portion of the divorce and maximize the benefits for their financial situation.
When one is served with divorce papers, the first reaction may be, what now? The next steps may not be immediately clear, and a feeling of being overwhelmed may set in. Financial concerns can suddenly become a reality as the spouses separate and figure out how to cover the costs of living alone, or alone with children, in Florida. During this time, it can be helpful to gather financial information so that the parties can determine how the assets and debts will be divided between them.