Divorce is always an emotionally complicated situation, and it is usually complicated in terms of finances and property. Florida law allows several types of divorce, but all can be taxing on resources. That can be especially problematic for people later in life who may be looking toward a fixed income in retirement.
If a person is considering divorce, it is always a wise idea to begin saving and having cash handy as the process begins. This is not a means to conceal earnings or assets, but a way to have money available during a time with a lot of spending. If a person is preparing to live alone, especially in a new home, settling in can be a big expense on its own.
Large expenses, like car repair or medical procedures, are also best done before there may be a fight over the assets needed to pay for them. It is also easier to go through the divorce process with a broad array of assets.
Individual retirement accounts (IRAs) can be contentious for older couples considering divorce. Florida allows people to negotiate how to split the value of the accounts, but there are tax implications for how those assets are divided.
Your attorney can provide valuable guidance as you negotiate property division during a divorce. Before that, they can review the different opportunities and limitations in the various types of divorce. No one should have to go through the divorce process alone, and no one has to do it. With experienced legal guidance, you can work to come out of the divorce with the assets you need going into retirement.