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Divorce can especially affect older couples

Getting divorced at any age can be tricky from a financial standpoint. However, the outcome of a divorce that occurs later in life in Florida can have a drastic impact on whether a divorcee is able to retire or live out his or her golden years as expected. A couple of tips may help with dealing with the finances during this type of family law proceeding, particularly when it comes to splitting assets.

For many older couples, squabbling over the family home is not as much of an issue. After all, many are prepared to downsize at this stage of life anyway, now that the children are out of the home. An older couple may simply sell their house and divide the proceeds.

However, in some scenarios, one spouse might be emotionally attached to the home. These spouses might choose to buy out their future exes, using their shares of the other spouses' retirement accounts. Still, taxes do complicate this process. The equity of a home is in post-tax dollars, whereas an IRA's or pension's value is pre-tax, so the spouse who has less money can often be negatively impacted.

Getting a divorce near retirement can be tricky no matter how much money a couple has amassed over the years. Two divorcing spouses may be able to achieve a mutually satisfactory settlement through divorce mediation or negotiation versus traditional litigation. However, going to trial is inevitable if the two parties are unable to find common ground when addressing asset division and other issues, such as spousal support. An attorney in Florida may help with pursuing one's best interests considering the circumstances surrounding the case.

Source: stltoday.com, "Older couples ponder financial impact of divorce", Beth Pinsker, May 14, 2017

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