Punta Gorda Legal Blog

Florida couples engaged in divorce proceedings already know how emotional a separation can be. However, many get caught off-guard by the hidden financial pitfalls that often come along with the dissolution of a marriage. There are a number of mistakes that divorcing couples make regarding personal finance and tax liabilities that can present monetary challenges for years after a divorce has been finalized.

According to some analysts, the reason for these financial challenges is that people fail to plan for a reduction in income after a divorce. These exes might finance large purchases or withdraw funds from investment accounts without considering repayment requirements based on a single income. Similarly, receiving the deed to a shared piece of real estate in a divorce can carry financial risks when factoring in upkeep, repairs and maintenance costs.

More older Americans in Florida and across the country are considering divorce. In the past 20 years, divorce rates for Americans aged 50 and up have doubled, and this trend shows no sign of stopping. While divorce can be an appropriate choice at any age, these so-called "gray divorces" carry additional financial consequences. While retirement assets are an important part of property division in a divorce at any age, they become more critical the closer the couple gets to retirement age.

Reaching a divorce settlement in a gray divorce can be complicated due to negotiations over how to handle the division of retirement accounts. When an older couple has only married recently, the issue is less significant, but it can be a major concern for couples who were married for decades. Each partner has a limited amount of time to attempt to rebuild their retirement funds, and it costs more to fund two single retirements out of the same pot of money originally destined for one joint retirement. In many cases, there is only one retirement account for both partners; older couples are more likely to follow the breadwinner-homemaker model.

Arrests, charges and convictions can impact people’s lives in many ways. This includes through showing up on one’s record. What is on a person’s public criminal record can have many implications. For one, it can have employment impacts, as criminal records are among the things employers often look at when considering job candidates.

It is important to note that, in some instances, there may be actions individuals in Florida can take to remove arrests, charges and convictions on their record from the public eye. They might be able to get a record sealed or expunged.