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Gray divorce requires preparation and strategy

On Behalf of | Jul 11, 2020 | Divorce |

In Florida, older couples may get divorced past the age of 50. This is sometimes known as “gray divorce.” It is likely that the most contested issues will revolve around money as each spouse eyes their own financial future.

The challenge is that both spouses will need the biggest slice of the pie possible to fund their own retirement. It is obviously more costly and difficult to fund two homes with one common set of assets. Coming close to retirement, there will need to be calculations of how each spouse plans to make it in retirement with a reduced retirement account.

The major thing that a person needs to do is to start planning early. While doing research will not expand the pool of assets, it will lessen the chance that the spouse will make a grave error against their own financial interests in the divorce negotiations. They should know how each asset fits into their overall strategy so that they know what to ask for and where they can compromise. While compromise is a must, yielding too much can lead to a reduction in the standard of living or pushing off retirement by a few years. Even though a financial impact is unavoidable, it can also be minimized with sound decision-making and preparation.

One way to prepare for a gray divorce is to enlist the help of a lawyer. Many people simply do not know where and how to start on their own, so they lawyer may help their client with formulating a strategy and preparing for the divorce negotiations. They may see their client through until the case reaches a resolution whether through trial or a settlement.

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