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Divorcing Later in Life: How it Affects Your Estate Planning

The old adage, “Age with grace,” may not be as graceful as we’d like. Florida is home to the highest percentage of seniors. 21% of our population belongs to the 65+ club; sadly, their divorce rates have steadily increased. In fact, this phenomenon has even been coined “gray divorce,” as adults with ‘graying hair’ find themselves as divorcees. Life doesn’t always go to plan, so being prepared can be a lifesaver, especially when it comes to protecting your legacy and your estate. If you or a loved one is going through a divorce later in life, we can help.

Here at Every & Stack, we tailor to our clients and construct comprehensive estate plans that protect your estate for any eventuality that may present itself. You can never be too careful when it comes to safeguarding your legacy and assets. Our firm serves clients in Daytona and throughout Florida. Call our office today at 386-255-1925, or contact us online to schedule a consultation.

Divorce can be financially devastating at any age, especially with today’s cost of living. Divorcing a spouse can shatter retirement plans, disrupt monthly income and create new debts in the process. Below are some key things in your estate plan that must be addressed. Our experienced attorneys can walk you through this process and answer any questions you may have.

  • The House

Some questions to consider when deciding what to do with the house. Can you afford to live in the house? Everything from the mortgage to the maintenance should be considered. Besides, who gets the house, you have to determine if it’s sustainable to live there on one income.

  • Division of Assets

Anything acquired while married is considered marital property and will be distributed as such in a divorce. There are a few exceptions, such as inheritance. However, even pensions, retirement accounts and benefits are subject to being joint assets. Debts are another division that will be equally divided and must be included in the dissolution of marriage.

  • Health Insurance

If under your spouse’s coverage, this may be an expensive surprise cost. There are options available if you are under 65.

  • Your employer can cover you
  • Sign up for Florida’s state healthcare under the Affordable Care Act (ACA)
  • Through COBRA, continue on with your ex’s coverage, but only for up to 36 months
  • Household Expenses

Going from a two-income household to one can be quite a sticker shock when adding up the household expenses. Knowing the monthly bills, grocery costs and other expenses will help you budget accordingly.

  • Change Beneficiaries & Update Emergency Contact Information

Create a checklist of policies and assets in which you must change your beneficiary information. Stay as organized as possible. This is a good time to update your emergency contact information as well, including anyone you do business with, such as doctor’s offices and your employer. Even the DMV will want to know who to call.

  • Update Estate Plan

Before a divorce, spouses are most commonly named as Power of Attorney and sole beneficiaries. We are ready to update your estate plan and recommend this is done as soon as possible. If anything happens while the current plan is in place, your spouse may have ultimate control over not only your assets but your healthcare choices. It is imperative you update your designations and desires as quickly as possible.

Every & Stack are Here to Protect Your Legacy

The experienced attorneys at Every & Stack can advise you on the best ways to address your legacy concerns, including transferring financial and real property assets, estate tax avoidance, guardianships for minor children, and support for philanthropic causes. We will draft an estate plan that works for you and protects your legacy.

Call today to schedule a consultation at our Daytona Beach office at 386-255-1925, or contact us online. We serve clients in Daytona Beach and throughout Florida.

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