What Is A ‘Grey Divorce’ In Fort Lauderdale?

While Fort Lauderdale divorce rates have remained largely steady over the years, there’s been a significant spike in cases among one particular age group. Divorce among older adults, many of whom are in long-term marriages, is increasingly common. Dubbed a ‘grey divorce,’ these cases pose unique hurdles.  Our Fort Lauderdale divorce attorney explains key challenges and how to protect your interests.

Key Challenges In Fort Lauderdale Grey Divorce Cases

Legal guidelines for getting a divorce under the Florida Statutes apply equally to all residents of the Sunshine State. However, grey divorces often involve special issues that require careful legal consideration and planning. Key challenges in divorce cases involving older couples include:

• Division of marital property: The couple may have significant marital property, such as real estate, vehicles, and furnishings, along with substantial savings, investments, shares in businesses, or other assets. These are all subject to equitable division in a Fort Lauderdale divorce.
• Retirement benefits: Getting your fair share of retirement benefits is particularly important for older adults. You may be entitled to a portion of your spouse’s pension, 401(k), or other accounts, as well as their Social Security benefits.
• Spousal support: If you relied on your spouse as the primary breadwinner, getting a spousal support order can help protect your financial security.
• Estate planning: During divorce proceedings, consider all life insurance policies and updates to wills, trusts, and other legal documents.

Steps To Protect Your Interests When Getting A Grey Divorce In Fort Lauderdale

Whether you were with your spouse for a relatively short period of time or married for decades, getting a divorce as an older adult can be potentially devastating. Alongside the significant emotional impacts and all the practical changes you may need to make, a grey divorce can jeopardize your future financial security.

Navigating a grey divorce in Fort Lauderdale requires strategic planning and experienced legal guidance. Steps to protect your interests during these proceedings include:

• Make a thorough inventory of all marital assets: Inventory all items in your home and review loans, bank statements, past tax returns, property records, and other documents to ensure you get your fair share of other assets.
• Make retirement planning a priority: Be aware of federal requirements concerning the division of retirement benefits, get a Qualified Domestic Relations Order (QDRO), and consider options to reduce tax impacts.
• Offset healthcare costs: Consider the high cost of insurance and medical expenses when calculating spousal support payments.
• Use estate planning to protect yourself: To ensure you get the total amount of spousal support or other payments, request that your spouse purchase a life insurance company or include provisions in their will.

Contact Our Fort Lauderdale Divorce Attorney Today

If you are among the many people facing the prospect of a grey divorce in Fort Lauderdale, get experienced legal representation to protect your rights. Fort Lauderdale divorce attorney Sandra Bonfiglio addresses the unique challenges of divorcing later in life and fights to get you the maximum settlement. Give us a call or reach out via email to schedule a confidential consultation today.

Sources:

leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=0000-0099/0061/0061.html

irs.gov/retirement-plans/plan-participant-employee/retirement-topics-qdro-qualified-domestic-relations-orderhttps://blog.ssa.gov/ex-spouse-benefits-and-how-they-affect-you/