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A Senior Divorce in the Orlando, Florida Area

Nowadays it is common for senior citizens to get a divorce. Twenty years ago, it was practically unheard of. Now Senior Divorces are trending toward the norm. 70 is the new 40 or 50. Many couples who have been married for 30 plus years are divorcing. Many divorces are at retirement age, or the parties have already retired. Almost always, their children are all grown. Most of the time they have substantial assets because they have a lifetime of savings and investments. They usually have a marital house, and they may have extra real property.

How Senior Divorce Works

Typically, these divorces deal with people who have grown apart. Usually there is not much acrimony. Of course, there is always an exception to every case. Most of these cases deal with equitable distribution. That is discussed in Florida Statute 61.075. The parties must first take out any nonmartial assets or debts they have. Many times, their parents have predeceased them; and they have already inherited from their parents’ estate. Whether the party kept their inheritance segregated will determine whether it is marital or nonmarital. If they are each getting a large amount of money, then most likely they each will be responsible for their own attorney’s fees.

Occasionally, one spouse may have continued to work past 65. They will want to know if they have to pay alimony. In Florida, alimony is still based on need and ability to pay even if there is a durational alimony formula to determine alimony. In the Fifth District Court of Appeals authority, which includes Seminole and Volusia Counties in Florida, a party must show an actual need for alimony to be awarded alimony. A disparity in income is not sufficient. If each spouse is receiving several million dollars in equitable distribution, then most likely there is no need for alimony. 

Further, under the new alimony law that became effective July 1, 2024, a party may retire at 65. Florida Statute 61.08 (3) codifies Pimm, v. Pimm, a case wherein the Florida Supreme Court  ruled that someone can retire at normal retirement age unless their spouse will be left indigent Therefore, a spouse who is working could retire. They should not have to pay alimony unless their spouse is left indigent. 

Preparing for a Senior Divorce

If you are a senior contemplating divorce, you should speak to your CPA and financial adviser. You should determine what your social security payment is each month. You should see how much you will have to pay for your Medicare Supplemental and drug policies. You should determine how long your money will last for you if you are relying on social security and investments. That way you will be prepared to negotiate to obtain a settlement that is beneficial to you. 

Then you must decide if you want to do a Marital Settlement Agreement, a collaborative divorce case, or mediation pre or post filing. Of course, if you have an acrimonious spouse, there is always the litigation route. However, litigation is costly to both parties. 

If you have more questions regarding a Marital and Family Law matter, you may call Ann Marie Giordano Gilden at Ann Marie Giordano Gilden, P.A. at 407-732-7620 and set an initial consultation. You may also visit my website at: https://www.annmariegildenlaw.com 

This article is for informational purposes only and does not form an attorney client privilege.