For spouses in long-term marriages, ending a relationship can be a complicated and worrisome choice, but it does not have to be a painful one. The number of couples over 50 choosing to separate is a growing trend, sometimes called a gray divorce.
This phenomenon is driven by many factors, including people living longer, changing priorities as children grow up and leave home and the desire for personal fulfillment in the next phase of life.
Concerns over dividing assets
You may worry about dividing assets and how to determine who gets what after so many years together. In Florida, assets and debts accumulated during your marriage are divided fairly but not necessarily equally. You and your spouse can work together to create a settlement that provides a fair division for both of you and your heirs. Here are key assets to consider:
- Retirement accounts often represent decades of savings. You can divide a 401(k) or pension without facing a tax penalty by using a Qualified Domestic Relations Order (QDRO).
- The marital home may hold sentimental value, but it also represents a significant financial investment. You must decide whether to sell it and split the proceeds or if one of you will buy out the other’s interest.
- Inheritances and gifts received by a single spouse are generally not subject to division. However, if you placed those funds in a joint account or used them to buy something together, the inheritance may become a shared asset.
Creating a thorough list of all your assets and debts is an important first step to addressing your financial concerns.
How can your lifestyle change?
The prospect of living alone after a long-term marriage can bring many worries. It is natural to wonder how your life will change and if you will have enough money to be comfortable. Beyond the financial impact, you may worry about how this will affect your children and grandchildren.
While the immediate family dynamic evolves, an amicable split can help you maintain healthy relationships with your family. Planning for your life after divorce is an important step. You can make a new budget, adjust your investment strategies and redefine your purpose as a single person. Calculating a fair alimony arrangement is also vital to both parties.
Choosing the right lawyer
You likely want an experienced divorce attorney who can guide you through this process with clear communication, helping you understand each step without being condescending. Look for a skilled family law attorney who understands the particular needs of older clients.
This type of legal counsel can help you identify and value your assets, understand what happens to inheritances and decide how to handle health care coverage and spousal support. A lawyer who encourages a collaborative approach, like mediation, can help you and your spouse reach an agreement more peacefully.