an over-50 couple reviewing documents for a gray divorce

Marriage & Divorce Over 50 – Part 1 – Gray Divorce

Over the past decade there has been a surprising increase in both marriages and divorces of people over 50. Over the next two blogs, we are going to share some advice as a family law firm that you should take into consideration whether you are looking for a divorce attorney or someone to handle a prenuptial agreement.

Gray Divorce

Gray divorce is the common term used for those divorcing over the age of 50. It has become more common as many individuals either decide it is okay to divorce once they are empty nesters or when they realize that life is too short to live with someone they no longer care for as a life partner. Divorcing at any age has financial consequences. However, when you have already had a career and have things like equity in a home and a retirement account, it can have more pitfalls.

Where to Start

If you have come to terms that divorce is in your future, you already know you need to talk to a divorce attorney. However, you should also talk to a financial planner or certified divorce financial analyst (CDFA). Before moving out of your joint home, understand the legal consequences. Also talk to your spouse about mediation or collaboration as a less expensive and more private method to divorce.

Considerations During the Gray Divorce Process

Countless factors play into who gets what and how much. However, for the most part, Florida is a 50/50 division state. There are exceptions. For example, an inheritance or gift may not be included in a divorce settlement. Of course, if you had a prenuptial agreement when you married, that will define much of your divorce terms. No matter what your situation, your divorce attorney can help you understand what is and is not included in a settlement.

Another difference of being an older, more established couple, is that you likely have a higher net worth you will need to divide. That may take the assistance of a CDFA, especially when it comes to retirement accounts. If either spouse stayed home with the children for a few years, that individual may not have as great a retirement fund saved up. That makes the concept of you keep yours and I keep mine less than equitable in many cases. A divorce attorney and CDFA can help determine the best way to divide assets, including retirement accounts.

Call an Experienced Divorce Attorney at Wagstaff & Pitelis

The Wagstaff & Pitelis team is experienced in helping couples of all ages and net worth with their divorce settlements. We handle mediation and collaboration as well as divorces that go to trial. If you are looking for a family law firm who can handle your divorce and needs beyond, call us today at (727) 584-8182 for your initial consultation.