Tampa Divorce for High Net-Worth Seniors

Divorce is usually a complicated and emotionally-draining process. A divorce involving one or two spouses with high incomes can make the fair division of marital property even harder to figure out. This is sometimes the case when older couples decide to seek the dissolution of a long-term marriage.

Senior citizens may have worked many long years building up assets, savings, and retirement funds. A senior citizen divorce might require spouses to divide up large amounts of wealth. It can be hard to know if you are being treated fairly or not.

Seniors experiencing divorce in their golden years should trust their interests to a skilled Tampa Senior Citizen Divorce Lawyer. Your lawyer legally safeguards your possessions and your fair share to make sure you have what you need to rebuild your life after divorce.

A Consultation for Tampa Senior Citizens Facing Divorce

If you are considering divorce as a senior citizen, or as someone ready to retire, an initial case evaluation with the team at Robert Sparks Attorneys provides you with vital information about the process ahead. A divorce involving high net-worth partners can carry concerns that shouldn’t be trusted to an inexperienced divorce lawyer.

Contact us to schedule a confidential consultation to find out how to best ensure that you have what you need to live the life you desire after a dissolution of marriage. Our experienced Tampa senior citizen can represent you in divorce negotiations and make sure you receive what’s fair after you’ve worked so hard in building a marriage and perhaps a family.

Robert Sparks Attorneys can help you navigate a collaborative divorce that avoids the interference of a Florida divorce judge. Our senior divorce lawyers will also safeguard your rights and your possessions in court if divorce negotiations can’t be settled amicably.

Factors to Consider in a Gray Divorce Involving High-Income Partners

Couples going through a divorce already have a lot of decisions to make when considering who will keep what and how benefits will be divided. Those experiencing divorce in their golden years, also known as “gray divorce,” could face a much more complicated journey to earning their freedom from a high-net-worth marriage.

Seniors will have had time to put away more money for retirement. They may own more properties together, including a family home. These factors and more can make dividing a lifetime of savings and benefits a longer and more emotional process.

When seniors work high-paying jobs or have retired from those jobs, divorce negotiations may become more tangled. Both partners may feel that they deserve a bigger share. One person may be right, but that doesn’t mean that person will receive what they should.

It’s important to have a Tampa senior citizen divorce lawyer with you at each stage of your divorce. It’s the only way to make sure you are treated fairly. A divorce settlement agreement shouldn’t be signed until you are satisfied with the outcome. A skilled lawyer in your corner means you have someone reading over all of the fine print. If something concerns you, then your lawyer rejects a settlement and fights for more on your behalf.

For retired and non-retired seniors who have a high net worth, these and other factors must be monitored closely in a divorce negotiation:

• Retirement and pensions. The retirement plans and benefits you’ve worked hard to fund and maintain should be allocated in a way that leaves you with what you need to rebuild your life in retirement. Pensions or an IRA for business owners may also have to be divided between spouses, but that doesn’t mean one person should receive unfair consideration.
• Income and Spousal Support. In many marriages, one person builds a career and the other partner stays home to build a family. Current income for spouses who continue to work in retirement will have to be considered when deciding if the other partner should receive a share of weekly paychecks through alimony. This may be required, but that doesn’t mean support amounts should be unreasonable. Your Robert Sparks Attorneys’ representative will contest any spousal support proposal that is unfair.
• Business assets. Couples may have started a business together. The entire operation may have to be liquidated, but couples can work out other concessions so that a business doesn’t have to be closed or sold off. Sensitive business information should remain confidential throughout divorce proceedings. Your Robert Sparks divorce attorney makes sure of that.
• Healthcare benefits shared by both partners will have to be fairly divided. It’s possible new, separate health plans will have to be opened.
• Stocks and Other Investments. The cashing in of investments, like company stock might be part of a gray divorce settlement. This should be done fairly and with tax concerns in mind to earn partners the most possible from their investments.
• The allocation of savings, investments, and property. In high-net-worth divorces, the division of nest eggs and holdings can become very unfair for one partner over another. The negotiations often become complex and highly contested. You’ll need a skilled attorney at your side through every step to make sure you come out of divorce proceedings with your fair share of your contributions.
• Debt. Even high-net-worth couples can still be paying down debt in retirement. They may have mortgages to pay or business loans. Debt burdens should not fall on just one partner. Robert Sparks Attorneys takes action to make sure our clients don’t shoulder an unfair percentage of loan payments.
• Wills and trusts will have to be rewritten. Partners may need to write new wills on their own to reflect a new financial situation. Assets for children and grandchildren must be safeguarded, especially if parents remarry after getting a divorce. Robert Sparks Attorneys Tampa Estate Planning Lawyers can help you with these important updates to your will.
• Ownership of a family home. Disputes may arise over who gets to stay in the current house a couple currently shares. Emotional attachments to a family home can be intense. Vacation properties may have their ownership transferred. They could also have to be sold. There’s a way to divide real estate that benefits both parties.
• Privacy and security. A spouse who owns a business will need to be concerned with keeping sensitive records and financial information confidential throughout divorce proceedings.
• Navigation of Prenuptial Agreements. These types of agreements are supposed to settle any disputes if divorce is necessary. However, spouses can still need protection as the legal representatives of their partners try to alter the terms of a contract.

Frequently Asked Questions

Will taxes be an issue in a high-net-worth divorce?

In some cases. Once investments and retirement funds are withdrawn, taxes may be due from both parties. A skilled Tampa divorce lawyer finds the best ways to reduce the tax burden as assets are divided.

When should I update wills and estate plans if I’m getting divorced?

You should update your will when you know you are getting divorced and then again after your divorce is complete. Your assets and properties will likely have changed drastically and your new will must reflect that.

What happens to healthcare plans after a divorce?

Healthcare benefits can be shared by both partners and provided through one spouse’s place of employment. The benefits will have to be fairly divided. It’s possible new, separate health plans will need to be opened.

Speak with a Tampa Senior Citizen Divorce Lawyer

Going through a divorce can be one of the most stressful events of your life. When you’ve held a high-income job or own your own company, you’ll have concerns over alimony requirements and how savings and retirement plans will be divided.

The best way to protect your hard work and the sacrifices you’ve made for a marriage is to let a skilled Tampa Senior Citizen High-Net-Worth Divorce Lawyer oversee divorce negotiations.

With decades of collective experience, our Tampa senior divorce lawyers at Robert Sparks Attorneys have the knowledge of Florida divorce law you’ll need to fight for the best possible outcome in your high-net-worth divorce.

Learn more about what we can do to help you by contacting us and scheduling a senior divorce consultation today. We protect retirement-age clients going through divorce in Tampa, St. Petersburg, Clearwater, Dade City, and the surrounding areas.