Gray divorce, the parting of older couples after years of marriage, is on the rise in Florida as it is in the rest of the country. When contemplating a split later in life, older couples have different considerations than younger ones when dividing their wealth and planning ahead.
What is at stake?
In gray divorce, couples in their 50s and 60s have often found that they have grown apart. They often have accumulated considerable wealth that requires division. While minor children usually aren’t a concern, adult children are, and sometimes even grandchildren come into play. Couples with offspring in college must determine who will pay for their education, while further down the road, determining who will pay for a wedding is also a consideration.
Gray divorces are often, but not always, amicable splits. You may have co-owned property such as a vacation home that you wish to keep, but determining who will use the property at what time must be determined. Other items you need to consider are how to split investment accounts and create new estate planning documents, including powers of attorney for finances and health care. You may also want to change legal and financial advisors so that each spouse has their own set of professionals.
Preparing for your new life
Although your divorce may not be contentious, it may still be complicated. Property division can become lengthy, so taking your time to determine what will benefit you the most will be in your best interests.
Don’t hesitate to consult several professionals for various aspects of your life. A reliable financial planner is essential as you head closer to retirement.