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Divorce for older couples can strain finances

On Behalf of | Mar 7, 2019 | Divorce

Divorce for a Florida couple of any age creates a great deal of stress in many areas of their respective lives. The emotional upheaval that accompanies the ending of a marriage cannot be minimized, but in many cases the reality of the situation dictates that the split is the right thing to do for all concerned. Even so, creating two households from one is not necessarily an easy task. This is decidedly more difficult when the individuals involved are older and retirement is looming in the not too distant future.

It may seem surprising or counterintuitive to many, but the 50 and over population have a higher incidence of divorce than many other younger age groups. In fact, social researchers report the divorce rate for people in that age bracket has doubled in the last 30 years. Speculation as to why centers primarily on the issue of prior marriages. Statistically, people who have been married previously are far more likely to divorce than those who are in their first marriage.

No matter the reason, older individuals have less time to work than younger people, and many may have already begun drawing on retirement resources. Cash flow becomes a major issue as it may become necessary to reduce expenses, increase income, or in many instances, both. The tax treatment of alimony payments has changed, which can alter strategies that may have worked in the past. Other factors to consider include Social Security, health insurance, and any existing retirement accounts that may be subject to a Qualified Domestic Relations Order.

Property division is but one matter that to be dealt with in a divorce. An experienced family law attorney can often help a client whose marriage is coming to an end negotiate a comprehensive settlement agreement that addresses the other applicable legal issues.