Articles Tagged with assets

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Recent research has focused on the growing trend of older adults deciding filing for divorce. A study called “The Gray Divorce Revolution” conducted by sociologists at Bowling Green University focused on the rising number of divorces that occur in later stages of life. In 1990, less than one-tenth of divorcing individuals were over 50 years old, but today that number has increased significantly to one-fourth. In addition, one in ten divorcing spouses are over the age of 65, which is more than twice the number 30 years ago. With the increase in “gray divorces,” it is important to examine some of the legal issues that may be more prevalent for these divorcing spouses.

Keeping the House

Staying in the family home may not be a priority for many younger spouses who end their marriage, but older homeowners may have potential benefits in being awarded their house. The following are some benefits of homeownership in retirement years:

  • As you age, you may become eligible for tax waivers and exemptions for your real estate;
  • Owning a home can provide benefits when applying for Medicaid or other public benefits;
  • You may need the tax benefits of deducting mortgage interest to offset higher tax liability in retirement;
  • Homeowners age 62 or older become eligible for a reverse mortgage, which can help with financial support;
  • Even if you choose not to live in the home, it may provide rental income or significant equity if you have owned the home for a long time.

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During a marriage, a couple can amass a wide variety of assets and accounts. Additionally, they can take on a significant number of debts such as mortgages, loans, or credit accounts. Before a divorce can be finalized, a court must decide how these assets and debts are going to be divided between the spouses in accordance with Florida property division law. In order to do so, a court must be aware of all of the applicable financial accounts and properties that may exist. Therefore, spouses are required by law to submit Mandatory Disclosures regarding their finances within 45 days of the filing of the initial divorce pleading.

The following are financial documents that must be exchanged in mandatory disclosures:

  • Financial affidavits — A spouse can use a shorter form if their income is under $50,000 per year, though must use the long form if it is more than $50,000. Exchanging affidavits is mandatory in every case and cannot be waived.