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3 issues couples will need to resolve in 'gray divorces'

In recent years, researchers have been looking into gray divorce more and more and we have been seeing some interesting statistics and reports on who is ending their marriage and for what reasons. For those who are unfamiliar with this term, gray divorce refers to the growing number of people over the age of 50 who are divorcing.

Recently, for example, authors, researchers and psychologists have been looking at some of the most common factors that lead older couples to divorce. Five of those reasons can be explored in this Next Avenue article. In this blog and with those reasons in mind, we will look at three of the most common factors that older divorcing couples will need to address if they ultimately do file for divorce.

  1. Property division: Every divorcing couple in Florida will have to go through the process of distributing marital assets, but older couples may have more complex estates to consider. Decades of asset sharing can complicate ownership of funds or properties; certain items may have considerable sentimental value; selling and/or moving out of a property can be much more complicated than it is for younger couples.
  2. Spousal support: While you may not have to financially support your grown children, the courts can still order spousal support be paid. This can especially be a factor if you or your spouse stopped working to take care of the home or kids. There is a relatively low likelihood of going back to work after decades out of the workforce and being near retirement age, so spousal support orders in gray divorces are not uncommon.
  3. Changes to estate plans: Older couples often have estate plans they developed together. Upon divorce, it can be crucial to reassess these to make any necessary changes to medical directives, power of attorney appointments, beneficiary designations and trust requirements. 

These are just a few of the issues you will need to address in gray divorces. Thankfully you will not have to remember or resolve these matters alone. Your attorney should be able to help you assess your situation, options and rights to help you secure a fair settlement that allows you to take on the next chapter of your life.

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