Florida couples may be interested to learn that the number of "gray" divorce approximately doubled between 1990 and 2014. The term refers to marital breakups involving people who at at or over the age of 50. Many of these individuals were together for many years and often amassed real estate and other assets throughout their marriage.
When people get divorced at an older age, it can be more difficult to bounce back financially. This can make it difficult for older individuals to stay in their homes once the divorce is finalized. A new type of mortgage, called a divorce mortgage, may become available for older homeowners in the future. Ideally, one former spouse would be allowed to continue living in the home. They would borrow the money through a lender and buy out the other person. The loan would include enough to cover the interest for the loan over a period of time so it could be paid back when the home is sold or refinancced.
Lenders were reportedly in talks in Great Britain about the possibility of offering this type of loan. However, due to the rate of gray divorces in the U.S., this type of loan could keep older individuals in the homes they have owned for years in the future.
When older individuals are preparing to go through a divorce, they may not know how to go about separating their financial assets, especially if they have been married for decades. as a result, the property division stage of the process may become complicated. In some cases, a family law attorney can help a client negotiate a settlement agreement that the judge will make part of the divorce order.