Individuals in Florida and throughout the country who get divorced after age 50 may experience financial challenges. This is because they will have less time to recoup the money and other assets that are ceded to their spouses in a final settlement. However, it may be possible for a person to limit his or her losses by creating a plan before the divorce proceedings begin.
Ideally, an individual will list all the joint assets that were accumulated during the marriage. There should also be a list of all assets a person believes to be his or her sole property that shouldn’t be included in a final settlement. It is important to compile a list of joint debts such as a mortgage or credit card balances that may need to be divided after a marriage ends. In most cases, filing for separation will make it impossible for the other spouse to remove money from a bank or brokerage account.
When crafting a divorce settlement, it’s important for a person to consider his or her future financial needs. For instance, getting a divorce may push back an individual’s retirement timeline. Those who are supporting their children or grandchildren may want to ask for additional resources to help them do so. If a prenuptial agreement exists, individuals should be sure to review it during the divorce process.
A divorce settlement may allow a person to obtain alimony, a family home or other resources. A family law attorney may be able to provide parents with insight into how they can create custody or visitation plans that meet their children’s needs. If a couple had a prenuptial or any other type of agreement, an attorney may be able to review it. If valid, its terms will generally determine how a settlement is structured.