Factors to Consider in a Gray Divorce
There is a current trend of gray divorces, or divorces that involve older individuals. These divorces are just as difficult as any other, but they also have certain complications that divorce cases involving younger people do not. This is largely due to the fact that older couples have often amassed a greater amount of assets than younger couples, and they also often do not have as much earning potential. Below are the main factors involved in a gray divorce that all older couples must be prepared for.
Alimony is sometimes awarded in divorce cases involving younger couples, but this is usually a temporary agreement because it is only meant to allow one spouse to get back on their feet after the divorce. During a gray divorce though, the couple has typically been married for a long time, which means that alimony is almost always granted. It is also often awarded on a permanent basis.
Equitable distribution becomes particularly tricky during a gray divorce. This is largely because the couple has likely accumulated a lot of assets, which complicates the issue. It is also often difficult to determine what is non-marital property and what is marital property. For example, a spouse may have collected antiques before the marriage, but they increased in value during the marriage. This makes it difficult to determine whether these assets will be split during the divorce.
The marital home will also be part of the equitable distribution . In some instances, one spouse is allowed to keep the home while the other spouse receives more in other types of property to compensate for that. This is very difficult for the spouse that does not keep the home, because they have likely been in it for a long time. For the spouse that stays in the home it is just as difficult because they may find it difficult to pay for the upkeep and property taxes on one income alone.
Potential Life Insurance Obligations
When one spouse is ordered to pay alimony as part of the divorce, a judge may also order that same spouse to purchase life insurance as a security for alimony obligations. Purchasing life insurance becomes more expensive the older a person is, and sometimes people going through a gray divorce may not be able to afford this insurance.
Our Florida Family Lawyers can Help with Your Gray Divorce
Gray divorces are just as difficult and emotional as any other type of divorce, but they also have special considerations. If you are about to get a divorce, call our Orlando family lawyers at O’Mara Law Group today. We can advise on the specifics of your divorce and give you the best chance of securing the fair settlement you deserve. Call us today at (407) 634-6604 or contact us online to schedule a meeting with one of our attorneys.