Investing After a Gray Divorce in Florida: Can My Ex Take My Profits?
With a relatively high population of senior citizens, Florida sees many gray divorces each year. These divorces take place after spouses have passed middle age, and they may also occur during retirement. Gray divorces have unique considerations, and one of the most important factors to consider is the financial well-being of each spouse. After retirement, many spouses invest their wealth for passive income and to fight inflation. But what happens if your former spouse tries to claim some of your investment profits after a gray divorce in Florida?
Common Investments for Spouses After Retirement
Generally speaking, retirees tend to opt for low-risk investment options as they approach their twilight years. The reason is obvious: Retirees can not afford to take the risks that they may have taken at a younger age. While a 20 or 30-year-old investor can “bounce back” from losses associated with a high-risk investment, a senior citizen cannot.
Safe, low-risk investments can take many forms, including:
- Dividend-paying stocks
- High-yield savings accounts
- Treasury bills
Not only are these investments low-risk, but they also tend to provide passive income. This makes them even more attractive for retired seniors, as these elderly individuals can no longer rely on job-related income. Interest from high-yield savings accounts or quarterly dividends from certain stocks can cover a senior’s living expenses. Often, seniors are perfectly comfortable living on this passive income while enjoying comfortable, secure retirements.
When Might My Ex Get Access to Investment Passive Income?
The issue is that in some cases, an ex may attempt to get access to some of this passive income following the divorce. The good news is that for the vast majority of gray divorces, child support is not an issue. The children have long since vacated the “nest” of the family home, and they are beyond the age of 18. The primary issue is therefore alimony – otherwise known as spousal support.
Generally speaking, alimony payments are calculated based on the income of both spouses, regardless of whether this income is passive or active. A retired spouse may therefore be required to part with some of their passive income gains. However, recent changes to Florida’s laws make it easier for spouses to cease alimony payments after retirement. These changes may also be retroactive in nature, which means that they could apply to divorces that have already been finalized. Speak with a divorce attorney in Florida to determine whether you can stop your spouse from gaining access to your passive income during retirement.
Where Can I Find a Qualified, Experienced Divorce Attorney in Florida?
If you’ve been searching for a qualified, experienced Orlando divorce attorney, look no further than Steve Marsee, P.A. We know that spouses have many unique concerns as they approach gray divorce in Florida. We can help you protect your wealth and your financial security as you progress into retirement after your divorce. Book your consultation today to receive targeted guidance based on your unique situation and the most up-to-date divorce laws in Florida.