Later-in-life divorce has become commonplace, especially since life expectancy has increased.
You and your spouse may be ending your marriage, but a “gray” divorce presents some unique issues. Here are four tips to help you navigate property division and beyond.
1. The marital home
You can sell your home and split the profits with your spouse. However, if you want to keep the home, remember that there will be tax implications, and, in addition to mortgage payments, costs involved with upkeep.
2. Retirement accounts
Florida is an equitable division state, and the goal of the court is to divide your assets in as fair a manner as possible. With regard to your 401(k), IRA and pension expectations, remember that you are going from a single household to two households and the financial picture will change considerably.
3. Social Security
If you are 62 years of age or older and your marriage continued for at least 10 years, you are eligible for Social Security benefits from your spouse. Even if your spouse remarries, you will still qualify although you must be unmarried yourself.
4. Health insurance
Ending your marriage may mean ending the health insurance coverage you had under your spouse’s plan. Now you must add the cost of a new healthcare plan into your post-divorce budget.
Next steps
During a long marriage, you probably accumulated significant assets. Your divorce attorney will help you understand how property division will work for you and your soon-to-be-ex and what to expect for your financial future. The more you have the more complex the process, but preparation will make things go more smoothly so you can enter the next phase of your life with confidence.
