If you have been following the state of divorce in recent years, you may have noticed that so-called ‘gray’ divorces are on the rise. Baby boomers and seniors are making the decision to split, often after decades of marriage. In this kind of divorce, there are very specific challenges that couples often have to face. One thing that these divorces may not include is child custody, since the children of these couples are often into adulthood already.
The biggest concern is often the finances, since the two individuals likely had their finances tied together for 10, 20 or even 30 years. Finances do not only include what’s in the bank account, of course. A top priority for older divorcees is figuring out how to split their retirement accounts.
Florida is an equitable distribution state, which means that the court will divide marital property fairly, but not necessarily in half. The assets that may need to be split include 401(k)s, pensions, stock options, employment benefits, individual retirement accounts and more. Even if a person contributed to one of these accounts only under their name during the marriage, those assets are considered marital assets under Florida law.
Divorcing during your later years can definitely be challenging, so it is important to understand the possible consequences of doing so. The lawyers at the Finkel work with retirement plan experts in order to protect the financial future of their clients. How your retirement accounts are divided will have a direct impact on your financial future.