For people in Florida considering a divorce, the financial implications are some of the most challenging and difficult. This can especially be the case for people who choose to end their marriage later in life. In the past 25 years, the divorce rate for adults over the age of 50 has doubled and continues to escalate. While a long-term couple may have accumulated a significant amount of assets, the very nature of those assets may make them difficult to entangle as the divorce moves forward.
In many cases, a split of a long-term married couple can be a high asset divorce, requiring sufficient attention to the issues at stake in property division. It can be very important for a divorcing spouse to create a full inventory of all assets held by the couple, including inheritances and other property that may solely belong to one partner. In addition, employment records can also be important; there can be remaining assets in pension plans, defined benefit plans, stock options and other investments associated with previous employers.
Spousal support may be part of many divorces; while the support may be temporary, it can also be important to have some kind of insurance for the support. In case of a job loss, death or disability, spousal support could be lost. In some cases, it could make sense to seek a lump-sum support settlement rather than ongoing payments, while in others, life insurance may be a good option. Social Security is another important factor to consider, as ex-spouses may be able to benefit from the Social Security benefits of their former partners if their marriage lasted for over 10 years.
Divorce can be a complex process, especially when there is a lifetime of assets to be divided and a complex financial life to disentangle. A family law attorney may provide important counsel and representation throughout the process to help ensure a fair settlement.