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Division of Assets in a “Grey” Divorce 

Division of Assets in a “Grey” Divorce 

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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: 

  1. Length of Marriage: The duration of the union plays a role in determining the equitable distribution of assets. 
  2. Economic Circumstances: Each spouse’s financial situation is taken into account for a balanced settlement. 
  3. Contributions to Marriage: Contributions, whether financial, as a homemaker, or parent, are considered. 
  4. Career and Educational Contributions: Contributions to a spouse’s career or education are factored in. 
  5. Wrongful Conduct: Any wrongful conduct during the marriage is evaluated. 
  6. Liabilities and Dissipation: Liabilities incurred, and intentional dissipation of marital assets are considered. 

Social Security Benefits: 

  1. Individuals over 62 divorcing after a marriage of 10 or more years can collect retirement benefits through their ex-spouse’s Social Security record. 
  2. Benefits can be claimed without reducing the ex-spouse’s entitlement. 

Unknown Benefits for Older Divorcees: 

  1. 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. 
  2. These benefits often go unnoticed during younger divorces. 

Marital vs. Non-Marital Property: 

  1. Distinguishing between marital and non-marital (separate) property becomes crucial after decades of marriage. 
  2. Marital property includes assets acquired during the marriage, while non-marital property remains unchanged from before the marriage. 
  3. 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.

Ready to explore your options? Fill out our prequalification form for personalized assistance. Whether you have questions or need guidance, we’re here to assist you on this journey with understanding and care. 

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