Mistakes to Avoid in Your Later-in-Life Divorce

If you are considering divorce or already know you are getting one and are over 50, you are not alone. The increasing trend for gray divorce, the term often used for those over 50 divorcing, is not slowing down. However, those who have been married decades have more assets to divide. With more stuff and a longer history together, comes the potential for more divorce mistakes. As a gray divorce attorney, we have a few things you should pay attention to if you are divorcing in your 50’s, 60’s and beyond.

Mistake #1 – Not Knowing All Your Assets & Liabilities

Often, especially in older couples, one person handles all the finances. When this is the case, it is easy for that person to “forget” about an account or investment or to begin putting money away when they decide they want a divorce. Although a financial audit by an impartial third party will cost you money, you may want to consider hiring someone to review your financials to help ensure a fair distribution.

Mistake #2 – Insisting on Keeping the Family Home

One reason people wait until they are older to divorce is because the kids are grown and likely out of the home. However, that does not prevent you from having sentimental feelings about the home where you raised your kids. Keeping the home may cost you money, not only during the settlement, but it may also have tax implications for both parties. Not to mention the cost of upkeep in future years.

Mistake # 3 – Not Trying Collaborative Divorce or Mediation

When one partner surprises the other with their request for a divorce, things can get acrimonious quickly. And those feelings are justifiable. However, when you refuse to try either collaboration or mediation, you may spend more, and all the things you say and do in your divorce become public record.

Mistake # 4 – Using the Same Gray Divorce Attorney

Although you may want to save money, unless you are utilizing mediation for your divorce, you should consider hiring your own gray divorce attorney, even if they just review the settlement proposal. Without representation, you could be over-compromising and end up with less than you deserve. Florida is a 50/50 divorce state and although there are exceptions, they are rare.  

Wagstaff & Pitelis Can Help

Although there is no specialization that gives someone a certification as a gray divorce attorney, we have the experience and knowledge to help you through your later-in-life divorce. Not only are we divorce attorneys in Clearwater, but also family law attorneys. Because of this, we can take care of the other legal items you require after your divorce. Call us today to schedule your consultation at (727) 584-8182 or fill out our contact form.