Over a third of divorces now involve people who are over 55. Even though “gray divorce,” as it’s sometimes known, has become increasingly common, that doesn’t mean there aren’t still challenges in getting a settlement that will allow people to move forward on financially solid ground. That’s particularly true for women.
Even women in their 50s, 60s and older who started working when they graduated from college likely took time away from the workplace if they had children. That can mean losing ground on earning potential when they return. Further, on average, women’s wages have never been equal to men’s.
These things can place older divorcing women in a disadvantageous position. Further, if she has retired (completely or partially), getting back into the workplace can be especially difficult. Although it’s illegal, age discrimination in employment is still a reality.
What is considered when spousal support is determined?
Negotiating a spousal support agreement can help you maintain the standard of living you’re used to can help considerably. Florida law allows courts to consider the “standard of living established during the marriage” in determining alimony. They will also consider things like:
- How long the marriage lasted
- The earning potential of both spouses
- How much each spouse contributed to the marriage – economically and non-economically
- Both spouses’ post-divorce assets
If your spouse retires, however, they could seek a modification the spousal support order. That’s one reason the property division portion of the divorce is especially crucial.
The property division agreement is especially important
It’s important to know the short-term and long-term value of assets you’re seeking (or that are being offered) as well as the tax implications. Having financial and tax advisors on your divorce team can help you make informed decisions. It’s important, however, to get your own advisors and not to rely on those whom you and your spouse have retained over the years. You need professionals who have no conflicts of interest.
Whether you and your spouse are able to work out most of your agreements without court intervention or you have to present your case to a judge, having sound legal guidance behind you can make all the difference.