Women who are at a later stage in life may be interested to learn that gray divorce is an increasingly common phenomenon that may impact them differently than younger individuals.
More older couples who have been married for some time or are on their second or third marriage are going through the process of divorce today than ever before. This phenomenon is known as gray divorce.
An experienced Florida divorce attorney is strongly recommended when where are any advanced issues with your Florida divorce, including gray divorce when both couples may be approaching in the midst of retirement.
What Makes Gray Divorce Different?
Gray divorces can have a big financial impact particularly on women. This is especially true for married women who have been out of the workforce, but even those women who have been working frequently earn less than men.
Women usually live longer than men do, which means they also need to have enough money in their financial portfolio to support them for many years to come.
Concerns for Women Considering Divorce Later in Life
An older woman may have unique concerns associated with getting divorced that should be handled specifically by speaking with an experienced Florida family lawyer who can understand her individual concerns.
One of the most important things to do for any woman above age fifty considering getting a divorce is to ensure that she has all of the possible records.
Make sure that all documents are brought to the proceedings in order to get an accurate picture of assets just in case your husband attempts to conceal these assets. Three years of tax returns can also be beneficial for disclosure purposes.
Consider Partnering with Professionals
Couples with a higher net worth should also consider the benefits of hiring a forensic accountant to ensure that all possible assets are discovered, making a copy of any financial statements and using a video recording app on your phone to document all objects in the home can ensure that everyone is on the same page and that the division of assets is approached appropriately.
Think About the Short Term Value of Assets, Too
Women also need to think carefully about how they receive assets in a divorce. It might be tempting, for example, to receive the family home. Unfortunately, this may not always be the best decision for supporting a woman in going forward.
First of all, keeping the house will lead to potential property taxes, and a house doesn’t grow value in the same way that a 401(k) account would.
In addition to the upkeep of a house, the challenge of having an illiquid asset like a business or a home may minimize cash flow, particularly for an older woman who is getting used to managing her finances on her own for the first time or is realigning her finances after going through a divorce, having a home can actually be more of a burden than it can be a help.
In the event that she needs cash flow immediately to help support her new lifestyle and retirement, having a house can prove problematic if it requires that she pays property taxes and then attempts to list it and wait for it to sell.
There are also tax implications associated with dividing assets which is why women should consider hiring an accountant to assist them. If assets are divided at the time of settlement, there are usually no taxes and typically child support is also not taxable.
However, spousal support in Florida could be classified as taxable income, and you need to verify this with your accountant.
Address Other Issues After the Divorce is Finalized
Don’t go into the process of any financial planning or investing until the divorce is finalized and until everything has been transferred correctly.
This can ensure that you have all of the essential information organized clearly and that you have an accurate picture of what your future looks like.
Meeting with a financial planner and your accountant as soon as possible after everything is finalized is the best way to protect your interests and ensure that you have a clear picture of your life going forward.
Although divorce can prove challenging, hiring the right Florida family law attorney can make a big difference.
- 5 Helpful Things to Know about Florida Family and Divorce Law
- These Life Events May Put You at Higher Risk of a Divorce
Don’t Wait! Speak with a Divorce Attorney in Miami
If you’re thinking about getting a divorce and have questions about how this can impact you in Miami or Coral Gables, do not hesitate to reach out to an experienced divorce attorney. Getting help from a lawyer you trust can make this difficult process easier.