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Managing divorce financially as an older adult

by | Jun 10, 2020 | Blog, Divorce |

Florida couples who are getting a divorce close to retirement or after retirement face certain challenges. They do not have years ahead of them earning income to make up for any financial losses in the divorce. Furthermore, they might have spent years planning a retirement together, and with divorce looming, they must determine how those plans will change and what this means for their finances.

They should begin by taking stock of their marital property and individual property. This involves looking at all assets and debts and possibly having jewelry, art and similar property appraised. They may need to gather tax returns and other financial documents. People who are worried that the other spouse will try to hide assets may want to discuss how to prevent this of find these assets with an attorney. Retirement accounts may be among the most valuable assets owned by some older couples, but they must be divided in accordance with rules based on whether they are IRAs, pension plans, annuities or 401(k)s.

Older adults may make major lifestyle changes after divorce. Some may decide to start a foundation, travel or work toward community improvement. Others may be focused on building an emergency savings fund and making sure they can still help their children and grandchildren with college expenses.

With this information, couples can enter into negotiations about how to divide their property. Their attorneys can help them with this process, which is often less expensive and stressful than going through litigation. However, going to court might be necessary in cases where one spouse is trying to hide assets or is simply uncooperative. It may be possible to resolve some types of conflict through mediation, which aims to reach a solution that satisfies both parties. In contrast, litigation takes an adversarial approach.


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