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What Elder Couples Need to Know About Gray Divorce

Blog 2019 October What Elder Couples Need to Know About Gray Divorce
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What Elder Couples Need to Know About Gray Divorce

Posted By Law Offices of Robert Stepniak || 29-Oct-2019

Gray divorce occurs when a couple over 50 years old end their marriage. According to the Pew Research Center, gray divorces have almost doubled in the last two decades.

While divorce can be challenging for all couples, ending a 20- or 30-year marriage can present more complications. Additionally, since elder individuals don’t have the same earning potential as their younger counterparts, there are more pressing financial concerns.

The following are some common concerns regarding gray divorce in Florida:

  • Property division – Since Florida is an equitable distribution state, all marital (or community) assets are fairly divided between each party. Since elder couples are married for decades, proving separate and marital property may be complex. For instance, if the value of a certain asset or property attained before the marriage has significantly increased over the course of the relationship, couples may argue if it is considered separate or community property.
  • Retirement accounts – When older couples divorce, retirement accounts and pensions are considered one of the costliest assets. In order to avoid tax penalties and potential clerical mistakes, having an experienced attorney file a qualified domestic relations order (QDRO) can protect the life savings accumulated by each party.
  • Alimony – Alimony agreements are often temporary in nature, enabling the lesser-earning spouse to make a successful transition into their new life. On the other hand, the lesser-earning spouse can obtain alimony payments for life in marriages lasting two or more decades.
  • Inheritances – Although inheritances are viewed as separate property in the eyes of the courts, marital property bought with an inheritance can be considered marital property.

While gray divorces present several financial and legal obstacles, they offer couples an opportunity to start a new phase in life. It is imperative to hire an experienced lawyer to protect an elder person’s rights and best interests throughout the divorce process.

For more information about gray divorces in Daytona Beach, contact the Law Offices of Robert Stepniak today at (386) 253-4750 today.

Categories: Divorce

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Toll Free: (877) 256-4750
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Toll Free: (877) 256-4750
Local: (386) 734-7373
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    Daytona Beach, FL 32114
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