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These factors need to be considered when divorcing after 60

by | Aug 31, 2018 | Elderly Divorce, Firm News |

More than ever, couples are staying married while they are raising their children and then deciding to separate after those children are grown and out of the house. Retirement is often a catalyst for divorce as well, since many people realize that they want to spend their retirement years in a different way than their spouse does.

While divorcing after the age of 60 can be a very positive thing for both spouses, it is important that certain considerations are taken into account so that there are no financial surprises in the process.

Consider your pension plans and retirement benefits

It is important to consider how getting a divorce in Florida will likely affect your ownership of retirement and pension plans.

Alimony may still apply after retirement

If both spouses are retired when they get divorced, there may be a significant disparity between incomes if your benefits and other sources of money are different. The spouse who is earning less will have no opportunity to earn more in the future because or their retirement. Therefore the spouse earning more may be ordered to pay permanent alimony to the divorcing spouse so that they will be able to live in a similar standard in the future.

A collaborative divorce may be the best way forward

Instead of having a fight over assets, having a collaborative divorce may help you and your divorcing spouse to talk maturely about the way that you want to go forward with the divorce.

If you are contemplating a divorce after 60, it is important to understand the financial implications.