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Asset division can be complex in late-in-life divorces

Over the past 25 years, the rate of divorce for people in Florida and throughout the United States older than 50 has more than doubled, and this rate is continuing to rise even while divorce among other age groups has declined. However, divorce later in life can carry with it significant financial complications, especially as many couples who have been married for a large number of years have a deeply intertwined financial life that includes an array of assets such as retirement funds, investments and real estate.

These assets can be substantial, meaning that a divorce for a couple over age 50 can be a high-asset divorce requiring precise attention to detail during property division. One of the most important steps to ensuring that all assets are properly considered in the divorce is for a spouse to develop a complete inventory of individual and joint property that belongs to the married couple. This can be augmented by securing full records of past employment. Prior employers may be a storehouse of information on defined benefit plans, stock options, pensions and other funds that should be considered during divorce negotiations.

Social Security is another factor to keep in mind during a divorce of a couple who has been married for over 10 years. A marriage of this length enables a former spouse to claim benefits based on those of their ex-spouse. Spousal support can also carry its own issues that are more relevant to later-in-life divorces. Life insurance to protect a spousal support income may be an important safeguard.

People who are seeking a divorce later in life face all of the same challenges of former spouses of any age group with some additional financial concerns. A family law attorney may provide counsel and representation to work to ensure a just division of assets that appropriately handles the property of the marriage.

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