Tag: Florida Divorce Process

Divorce has become more and more common for individuals who are 50 or older (sometimes called a “gray divorce”). The rate of divorce amongst this age group has roughly doubled since the 1990s, and for those 65 and older, it has tripled.

However, that doesn’t mean that there’s a ‘one-size-fits-all’ approach developing; because being comfortable after retirement is of paramount importance for those approaching retirement, there are some dos and don’ts when it comes to divorcing later in life, which we discuss in greater depth, below. In general, whatever funds a couple has accrued in their 401(k) plans, 403(b) or 457 accounts, individual retirement accounts, pensions, etc. will be divided, and therefore, there are some steps to take to protect yourself.

IRA Transfers

First and foremost, any and all IRA transfers need to be done properly, and with the assistance of an attorney who has experience in Qualified Domestic Relations Orders (QDROs), specifically. If they are not done properly, you can be subject to significant penalties and taxes.

When you’re contemplating or already engaged in the process of going through a divorce, ensuring that you work with the right divorce attorney is crucial. While you may be considering contacting attorneys referred to you by family or friends, perhaps you also found some law firms online that practice divorce law locally. But how do you know that they will care about your case, and ensure that your rights are protected throughout the process?

When it comes to ensuring that your divorce is handled right, you want to make sure that you do your homework in selecting a divorce attorney to work with. To start, there are some basic questions you should ask any attorney you are thinking of hiring for your case, which include:

It is crucial to find out if your attorney has specifically been practicing in family law, and if so, how many divorce cases they’ve handled. Depending upon the circumstances of your case, have they also worked in related important areas, such as child custody, property and asset distribution, etc.? If they have handled numerous divorce cases, do they have a particular clientele in these cases, such as focusing on fathers’ rights, etc.?

Divorce not only brings change to your personal/family life, but to your finances as well. This is why it is crucial that you make the right financial decisions immediately before, during, and soon after your divorce, so that you are on the right track. This can be done with the assistance of an experienced family law attorney who, by knowing the ins and outs of Florida state law, can ensure that you are on the right track in embracing your new future. Without ensuring that you have informed guidance, you could end up sacrificing retirement plans and other assets you’ve worked hard to acquire.

Just between 1990 and 2010, the divorce rate amongst individuals 50 years or older doubled. Unfortunately, when these couples plan for their retirement, they do so assuming that they will be together forever; an assumption that can end up hurting both individuals. This is why working with an experienced estate planning and/or family law attorney—even before you get married—can help simply ensure that you are protected no matter what happens.