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Mark Abzug

Gray divorces and asset division

On Behalf of | Nov 6, 2015 | Property Division

No matter what stage of life you are in, divorce is never easy, but in recent decades, there has been an increase in senior divorces. These divorces may seem easier at first since there are usually no minor children involved, and therefore, no child support or custody issues. However, divorcing later in life — often after decades of marriage — bring particular challenges to the property division process.

In addition to the usual marital property of a couple of cars and household possessions, couples who get so-called “gray” divorces — indicating the parties are 50 or older — may also have to decide who retains ownership of the marital home and any other real estate. In addition, assets such as retirement accounts and investments will need to addressed.

If your spouse has been the primary source of income for your family over the years, you may believe that you are not entitled to a percentage of these types of assets. However, this isn’t always true. A family law attorney can help you better understand the Florida guidelines and how these assets are usually divided.

While it is always easiest if both parties can agree on how to split the assets, the chances of this happening tends to decrease the longer a divorce takes. The initial relief that often accompanies a divorce filing can quickly fade into anger, frustration and bitterness. This can end up with a long, drawn out divorce where one party is trying to punish the other through the courts. If you find yourself in a situation like this, it’s important to talk with a divorce attorney about your options and how to protect your financial interests during this challenging time.