Pros and Cons of a Gray Divorce in Florida
The term “gray divorce” has been applied to couples who get divorced later in life. These are typically people who are over 65 years of age and it’s about 25 percent of all couples in the country who divorce over the age of 50. Couples who opt to divorce later in life have additional issues to consider that someone who’s 25 and has only been married for a year wouldn’t necessarily need to worry about. If you divorce after 50, you will need to pay closer attention to how to maintain your new single life without putting your retirement years in jeopardy. You won’t have the same amount of time to rebuild your retirement accounts if you divorce at 60 versus 30.
Possible Positive Aspects of a Gray Divorce
Despite being married for a long time, some people were not necessarily happy in their marriage. This new-found freedom can give some people the opportunity to explore new dating options. It’s an opportunity to hit the reset button and explore new directions and interests. Perhaps you always wanted to go back to school for something or learn a new hobby and your ex was against it. Now you have the option to try new activities. For some, it’s an opportunity to start traveling.
Potential Negative Aspects to a Gray Divorce
Divorcing when you are older can really hurt as you’ve established a majority of your adult life with this person. It’s especially hard for someone who is still of working age who was a stay-at-home spouse for a large portion of their adult life. They may not have the professional skills to enter the workforce later in life and be able to support themselves.
Losing friends is also common with any divorce, but it can be even more painful when you’ve been friends for 30-plus years. Some couples will remain neutral in a divorce, but most take sides, even if it’s not overt. Loneliness is a big problem for some because it may be the first time they’ve lived alone or have had to deal with day-to-day tasks on their own. Some people enjoy a bit of alone time, but for others, it can be a real negative.
The biggest negative with a gray divorce obviously revolves around the financial aspects of a divorce. There are more complications with the division of assets and debts. Some of these can include:
- A greater number of joint debts
- Years of commingled marital assets
- Large sums in retirement accounts/pensions
- A marital home with a lot of equity
- Family business
- Greater need for one spouse to get spousal support
- Tax implications
There are a lot of things to consider with asset distribution. Can you afford to keep the marital home? In cases where couples have been married for a long time, a good chunk of their wealth is tied up in the home.
Retain a Florida Divorce Attorney
If you are considering a divorce, it’s important to speak with a skilled Florida attorney to discuss the financial implications and how it will impact your life. Please contact the Law Offices of Schwartz | White at 561-391-9943 to schedule a consultation.