While the majority of divorcing couples decide to make the change while their children are still growing up, divorce after retirement is a trend that has increased in the last few years. Divorcing after retirement, otherwise known as “gray divorce” is seeing an upward trend for a number of reasons, including increased life expectancy and the shifting of social norms.
If you are contemplating a divorce after retirement, it is important to understand some of the most critical issues associated with divorce at this point in your life.
Will alimony be awarded in a gray divorce?
If one person in the marriage still works, it is possible that they will need to pay the other spouse alimony for a certain amount of time. This alimony will be calculated based on salary, bonuses and ownership stakes.
Will child support still apply if our children are in college?
If you as a married couple have been paying your child’s college tuition fees and living expenses, it is likely that you may have to pay child support. This child support will be ordered so that both parents can continue to cover these costs.
Are pension plans and retirement accounts difficult to divide?
One of the most complex issues in a gray divorce is the task of dividing retirement plans. They must be valued and shared according to Florida law. Government pensions can be much more complex than private company pensions.
If you are considering a gray divorce in the state of Florida, it is important to get legal guidance on how to proceed and how to secure your financial life as a single person.