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What should you discuss with your ex during a gray divorce?

On Behalf of | Sep 6, 2019 | Property Division |

Most couples marry because they share a magic spark. Some never let that flame burn out. Others watch it do so as children are introduced into the mix or as they age. If you notice that the spark between you and your spouse is becoming extinguished and you’re resolved to ending your marriage, then you should prepare yourself for the discussion of financial matters that’s sure to ensue.

Any couple that has been married for decades is sure to have their finances quite intertwined with each other. If that’s the case with you, then you may find it in your best interest to give divorce mediation a try as opposed to trying to hash things out with each other in the courtroom. This will give you the best chance of having a say in the settlement of your divorce.

One of the first matters that you’ll want to discuss at the negotiation table with your ex is how you two wish to divide up your income and assets.

You may decide that one of you will remain in the marital home in exchange for the other forfeiting their interest in a retirement account. You’ll need to reach agreements about tax and debt obligations, how to split up any equity that you two have built up in your home and how to handle assets such as investment portfolios and automobiles.

Both of you will also need to discuss alimony. Paying spouses are no longer able to take a tax deduction for their payments. Recipient husbands and wives must pay income taxes on the funds that they receive. This may impact what decisions the two of you make when splitting up other assets.

You also may want to verify whether you’re entitled to any portion of your spouse’s Social Security payments before you reach any final settlement in your divorce. You may find that you don’t qualify to receive the support that you were counting on to support yourself.

Divorces that occur later in life can be difficult for Florida spouses to cope with. This is especially the case if records haven’t been kept to help spouses delineate what is separate and joint assets. A property division attorney in Fort Myers can counsel you as to what option may be in your best interests so that you don’t find yourself in a vulnerable financial situation in the future.


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