Navigating The Legal Complexities Of Gray Divorce
According to the CDC, about 40% of first-time marriages end in divorce. Second and third marriages are even more likely to end in divorce. Despite those alarming statistics, divorces are trending downward with fewer individuals both getting divorced and tying the knot. One demographic that hasn’t shown a slowdown in overall divorces is those aged 50 and older. Those aged 50 and over are getting divorced at a record pace. This has led to the creation of the phenomenon known as “gray divorce.”
Those who divorce later in life after years of being married face much more complicated and costly divorces than those who divorce only after a few years. To understand why, you have to understand how divorce laws work in Florida. In this article, the Orlando family lawyers at Greater Orlando Family Law will discuss some of the complexities that emerge from gray divorces.
Larger marital estates mean more assets to divide
When you divorce, the assets you hold in common are equitably distributed to both parties according to our state’s laws. The marital estate, which accrues assets and value during the marriage, needs to be separated into two estates. During the marriage, you may have accrued valuable assets such as retirement plans, real estate, or investments. These investments are likely property of the marital estate. In other words, they belong to both of you. Since the marital estate may have been accruing assets for decades, there could be a considerable amount of assets to divide.
Alimony is calculated based on the length of the marriage
In Florida, alimony is calculated based on several key factors. These include the alimony recipient’s need for alimony, the payer’s ability to pay, and the length of the marriage. The longer a marriage lasts for, the more alimony the recipient is entitled to. This can pose a problem for divorcees who do not want to find themselves in a position to pay alimony. However, the courts will consider the alimony recipient’s need for alimony, regardless.
In terms of gray divorce, you may have individuals who are nearing retirement age and all of the retirement accounts that accrued value during the marriage are subject to equitable distribution.
The length of the marriage influences key elements of divorce
The majority of “gray divorces” come from marriages that lasted years, often decades. As noted above, the length of the marriage can influence key factors in divorce such as property distribution and alimony. When an individual files for divorce later in life, the divorce is likely to be more complicated and costly. There are more assets to consider. The length of the marriage impacts the amount and duration of alimony to be paid. It’s best to consult with a seasoned professional when pursuing a gray divorce.
Talk to an Orlando, FL Family Law Attorney Today
Greater Orlando Family Law represents the interests of Orlando residents who are looking to pursue a divorce. Call our Orlando family lawyers today to schedule an appointment, and we can begin discussing key aspects of your divorce such as equitable distribution of the marital estate, alimony, child custody, and child support.
