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.
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.