Most Florida couples do not expect to find themselves experiencing divorce after 40 years of marriage. However, it is becoming more and more common, and presents its own set of unique challenges. Late-in-life divorce is also sometimes referred to as a “silver divorce” or “gray divorce.” They often result from regrets, resentments, or financial issues which have accumulated over time.
While older, more mature adults are much better equipped to handle the emotional aspects of a divorce, that doesn’t mean it is any less painful or less complex to resolve. In fact, late-in-life divorces usually involve difficult asset division scenarios due to sentimental as well as monetary value of items collected over the years.
One such discussion may be regarding who gets to keep the marital residence. When a couple have resided in a home for decades, raised their children, and built a whole host of memories inside, it can be extremely difficult for either spouse to walk away. In addition, the house may be paid for.
This means that in order for one party to keep the property, the other will need to be provided financial compensation for one-half of the equity. If it is decided that both spouses wish to move on and sell the property, then proceeds can be evenly distributed between the two and each can go their own ways.
This is an issue that, while not solely specific to late-in-life divorce, is much less likely to be found in a divorce of a younger couple who have not been married as long. And, other asset distribution conflicts that may arise in a late-in-life divorce are those of valuable artwork, priceless sentimental keepsakes, generational jewelry and car collections.