Embarking on a divorce later in life presents unique challenges, particularly in the realm of asset division. Unlike younger couples, child support and custody might not be the primary concerns, but ensuring a fair distribution of assets becomes pivotal. Let’s explore the landscape of ‘grey’ divorce in Florida, an equitable distribution state where fairness is the goal.
Key Factors Considered by Judges:
- Length of Marriage: The duration of the union plays a role in determining the equitable distribution of assets.
- Economic Circumstances: Each spouse’s financial situation is taken into account for a balanced settlement.
- Contributions to Marriage: Contributions, whether financial, as a homemaker, or parent, are considered.
- Career and Educational Contributions: Contributions to a spouse’s career or education are factored in.
- Wrongful Conduct: Any wrongful conduct during the marriage is evaluated.
- Liabilities and Dissipation: Liabilities incurred, and intentional dissipation of marital assets are considered.
Social Security Benefits:
- Individuals over 62 divorcing after a marriage of 10 or more years can collect retirement benefits through their ex-spouse’s Social Security record.
- Benefits can be claimed without reducing the ex-spouse’s entitlement.
Unknown Benefits for Older Divorcees:
- Social Security survivor benefits may be available if married for at least ten years, aged 60 or older, and not entitled to equal or greater retirement benefits.
- These benefits often go unnoticed during younger divorces.
Marital vs. Non-Marital Property:
- Distinguishing between marital and non-marital (separate) property becomes crucial after decades of marriage.
- Marital property includes assets acquired during the marriage, while non-marital property remains unchanged from before the marriage.
- Commingled property, assets that were nonmarital but transformed or enhanced during the marriage, poses additional challenges.
Supporting Older Couples Through Equitable Distribution:
Facing the complexities of asset distribution in later-life (grey) divorces can be overwhelming. Our team is here to provide a friendly and supportive hand, making the process more manageable. Reach out anytime for guidance or questions. We’re here to assist you on this journey with understanding and care.
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