Law Offices of Barry I. Finkel, P.A.
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Don't get stiffed on assets in a gray divorce

If you're a baby boomer, it might seem like everyone you know has divorced or is in the midst of a split. Research conducted by the Pew Research Center in 2017 indicated that in the quarter century from 1990 to 2015, the divorce rate among couples over 50 jumped up 109%.

The president of the Institute for Divorce Financial Analysts stated that the reasons for so many gray divorces are varied. One commonality appears to be the increase in spousal longevity.

Later-in-life divorces are typically more complex because they revolve around coveted financial assets. But some, like the family home, can actually be more of a financial burden than an asset. Homes have taxes and insurance costs, whereas other assets can provide tax breaks and continue to increase in value.

The concerns of divorcing spouses at this phase of their lives are typically far different than the concerns of divorcing couples who are in their 20s, 30s or even 40s. Now is a time to act very strategically regarding the assets you seek.

Valuating the assets accurately is vital at this stage of the game. You also need to look at deferred compensation for things like unvested stock options that could be very lucrative at some future point.

While it might initially cost a little more to hire appraisers and financial gurus to parse through your settlement options, it is a worthwhile investment overall. Your Fort Lauderdale family law attorney may be able to recommend reputable professionals who can offer their services and allow you to get the best possible settlement from your gray divorce.

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