Divorce requires the division of all assets and property accumulated over the course of the marriage, including long-term savings and retirement accounts. No matter the age of a Florida couple or how much they’ve been able to save for their golden years, the end of a marriage can be detrimental for retirement. It’s especially critical for a person to strive for a fair property division order for both physical assets and financial accounts.
Since 1990, the rate of divorce for people over the age of 50 has doubled. These couples are closer to retirement age, and dividing retirement savings can be financially devastating, even for wealthy couples. In addition to divorce affecting long-term savings and overall financial health, it can impact a person’s physical well-being as well. Studies have found that divorce can actually lead to higher blood pressure and weight gain.
People going through a gray divorce, which is a divorce involving people over the age of 50, can reduce a person’s individual wealth by 50%. It can lead to a reduction in lifestyle, particularly for older women. It’s inevitable that divorce will impact a person’s finances, which is why it is critical for a person to pursue a fair final order that will allow for a strong financial future.
The terms of a property division order will affect a person’s finances for years to come and his or her retirement plans. Before agreeing to anything, a person would be wise to seek the guidance of an experienced divorce attorney. With help, a Florida reader facing divorce can fight for an agreement that will provide long-term stability.