When Amazon founder Jeff Bezos announced that he was divorcing his wife of 25 years, the news appeared in many media outlets. Many Florida residents may be wondering what will happen to Bezos' massive fortune. Once the divorce is through, he may no longer be considered the richest man in the world.
Issues related to finances can be some of the main contributors to the failure of a marriage. However, married Florida couples can take certain steps to make sure that the handling of financial issues will not lead to the demise of their marriage.
Saving for the transition to retirement can always be a challenging project, but it can be especially concerning when going through a divorce later in life. More Floridians than ever are choosing to divorce at older ages. In the past two decades, the divorce rate for spouses age 50 and up has doubled. While dividing finances after a divorce can be complicated for a couple of any age, this is especially true for people who divorce close to retirement age.
Some Florida couples experience trouble in their relationship over money. SunTrust Bank conducted a survey in which 35 percent of people said that money was the main reason for conflict in their relationship. The Federal Reserve Board reports a correlation between relationship longevity and credit scores with people who have higher scores staying in committed relationships longer. Couples also stay together longer when their credit scores are similar.
Florida residents who are planning to get married and have children should consider completing a prenuptial agreement before getting married, particularly if one spouse plans to remain at home to raise the children. If a divorce occurs, it can be very difficult for the stay-at-home parent to reintegrate in the workforce. Although custodial parents are likely to be awarded some type of child support, that financial support will end when the children become 18 years old. Having a prenup in place that specifies the financial responsibilities of both parents can help ensure that the stay-at-home parent will have some long-term financial security after a divorce.
Residents of Sarasota, Florida, and across the nation may wonder how to tell if their marriage may be headed toward divorce. Those struggling in their marriages may find it beneficial to evaluate their relationship and search for certain factors that serve as signs.
When older Florida couples get divorced, it may be less contentious. This is because children may have already left the home, and it may also be because both parties acknowledge that they have outgrown each other. However, it is still necessary to find a way to divide marital property such as a 401(k) or other retirement assets. These must be split in a specific manner when a divorce takes place.
For people over 50 in Florida and across the country, the divorce rate has doubled since the late 1990s. Many older couples have spent their entire lives with one spouse in charge of all major financial matters. In most cases, the husband manages financial matters such as investments, life insurance and retirement funds. Therefore, a later-in-life divorce can cause a financial shock when each spouse has to handle their own finances following a split. In addition, recently separated spouses may discover hidden or unpleasant financial realities of which they were previously unaware.
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.