You have probably heard that divorces among those over 50 have increased in recent years. Since that trend seems set to continue, those planning to end a marriage late in life should know that financial hardships often accompany gray divorces or arise in their wake.
Learning as much as possible about the Florida laws that govern property division and spousal support can equip you to negotiate a fair settlement. However, if you make mistakes like those below, you could still end up experiencing economic challenges during or after your divorce.
Poor knowledge of assets and liabilities
It is not uncommon for one spouse to know more about their financial matters than the other spouse. If your spouse knows more than you, take immediate steps to inventory your marital property and debts. Knowing what you own and what you owe may help you protect your rights.
Not worrying about health insurance
Many covered through a spouse’s health insurance policy fail to anticipate what will happen to such coverage upon divorce. If you have a medical condition or require prescription drugs, your divorce could leave you unable to meet these costs. Make sure your divorce does not lead to gaps in your coverage.
Additional economic issues to consider
Of course, these two examples are not the only financial mistakes that may come with a late-life divorce. Other possible errors to avoid include:
- Keeping the family home when unaffordable
- Overlooking tax burdens that may arise
- Failing to protect your share of retirement account assets
Legal guidance can help you avoid many missteps made in a gray divorce. For example, they can educate you about using a qualified domestic relations order (QDRO) to obtain the retirement assets you are due.