Just recently this Florida family law and divorce blog discussed an interesting trend in American divorces -- marriages are ending at a higher than average rate for older individuals. Often termed "gray divorce," the end of a marriage between people who have spent a significant number of years together can be more than just emotionally taxing -- it can be incredibly costly.
When older couples divorce they often do not have to contend with some of the more major issues that plague couples with young children - custody, visitation, and child support. Instead their concerns may revolve around their retirement accounts, their real and personal property, and the intangible investments that they hold jointly with their soon-to-be ex-spouse.
While all divorces can be costly, gray divorces can put significant financial burdens on individuals who may have thought that their money worries were over. After a divorce a person may realize that they cannot live off of their savings if those savings have to be divided into two based on their property division order, or they may find that their income may not be as flexible as they had hoped if they are required to pay their ex-spouse alimony.
Gray divorces can require the parties to think carefully about both their legal desire to end their marriages as well as their financial needs to support themselves as they move through retirement and into their later stages of life. The Tampa Bay Legal Center is available to consult with individuals who are contemplating gray divorces and who require representation as they plan to end their marriages. Interested readers can learn more about the firm through its website on divorce.