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Founded in 1997 we are experienced and knowledgeable Tampa attorneys practicing exclusively in Divorce, Family, Stepparent/Relative Adoption, Criminal Defense, & Personal Bankruptcy. We practice primarily in Tampa, Riverview, Brandon, Valrico, Lithia, Carrollwood, North Tampa, Plant City and all of Tampa Bay. We have offices conveniently located throughout Tampa Bay. Our lawyers have extensive experience practicing in contested and uncontested divorces, including military divorces, and family law, child support, child custody and visitation, relocation of children, alimony, domestic violence, distribution of assets and debts, retirement/pensions (military and private), enforcement and modification of final judgments, paternity actions, adoptions and name changes. We also have attorneys who are very knowledgeable and experienced in all areas of criminal defense. We offer a free consultation to discuss your options. Please call us at 813-672-1900 or email us at info@familymaritallaw.com to schedule a consultation. Our representation of our clients reflects our dedication to them. We look forwarding to hearing from you! Se habla Español.

Tuesday, August 12, 2014

Later in Life Divorce & Finances

America’s divorce rate might be on the decline for most age groups, but amongst one group it’s hitting record highs. Who’s behind the spike? Baby boomers. The divorce rate for the over-50 crowd has more than tripled in the past 20 years, and the trend shows little chance of slowing. With Americans living longer and looking for more from their marriages, many are choosing to jettison an unloved spouse rather than spend their golden years with someone they no longer care for.

Unfortunately, many boomers are divorcing first and thinking later. Adjusting to life after a divorce is difficult under the best of circumstances, but divorce after 50 can have serious financial repercussions. Boomers need to understand the risks of late-in-life divorce, and take steps to prepare themselves before they file.

Financial Repercussions of Divorce

First, boomers need to consider their retirement. Have you and your spouse been saving money? Investing in a retirement plan? Whatever money you saved will now have to fund two separate retirements, which means that it likely won’t go as far. At best, this could mean that a person has to adjust their lifestyle and expectations; at worst, it could mean that a person would have to work much longer than anticipated.

Second, health care costs will likely rise. Health spending tends to increase as a person ages, but married couples are often able to defray some of these costs by caring for each other rather than hiring a nurse or a caregiver. Divorcing boomers need to consider who will care for them–and how much it will cost–before they experience a major health event.

Third, though some divorcees may anticipate short-term financial losses, older couples need to consider the long-term as well. If a person in their 30s goes through a divorce, they have decades to continue working, to make up any losses, and to prepare for their retirement. If a person in their late 60s chooses to divorce, they’ll have far less time to recuperate.

Finally, consider the difference between a “fair” division of marital property and an “equitable” one. While it might seem “fair” to split everything 50/50, it might be more “equitable” for a spouse who forewent their career to care for a family to take a greater share of the marital estate. Also consider which assets are easy to liquidate, should the need arise, and which assets might take longer to sell.

How to Prepare for Later in Life Divorce

The most important thing you can do before a divorce is initiated is to make sure that you have a handle on your finances. Do you know where your money is, and how to access it? Are your bills paid? Do your credit cards have a low balance? Does it seem like there should be more money in your joint account than actually is there? Find out now, if you don’t know.

Contact a Tampa Bay Divorce Attorney

If you are considering a divorce and are concerned about the effect it could have on your finances, contact our Experienced  Attorneys & Counselors at Law since 1997 Serving all of Tampa Bay. Call 813-672-1900 now for a free initial consultation www.familymaritallaw.com.

 By Lynette Silon-Laguna Google



1 comment:

  1. Someone recently told me a statistic that might be a few decades old—the most likely points in marriage for divorce are at intervals of seven years. Seven, fourteen, and twenty one years of marriage are the most likely points for divorce to occur. It seem like family statistics have been updated since then, if people in their fifties are starting to split in greater numbers. Family law (inheritance, alimony, etc.) should probably also be updated to take the changes into account.

    Paul | vicwestlaw.ca

    ReplyDelete