Tampa Florida Family Law Blog

Many of our readers in the Tampa area know that a divorce can result in a significant impact on finances, for both spouses who go through the process. In fact, the financial aspect of a divorce is why many couples try very hard to work through their marriage issues. However, some people may not realize that the financial impact of a divorce can be greater for those who are older - the so-called "grey" divorces.

A recent report analyzed the impact of divorce on older Americans, specifically those who are age 63 or older. Nearly 27 percent of women over that age who went through a divorce later in life qualified as "poor" under the applicable criteria. For men, the percentage stood at just over 11 percent. In broader terms, the recent report noted that the divorce rate for Americans age 50 and over has doubled in the last thirty years or so.

When celebrities and wealthy people get divorced, details about those legal proceedings usually make the news headlines. And, one term that often comes up in those cases is "prenuptial agreement." Our readers in Florida probably know that the point of these documents is to protect assets and keep them separate in the event that a marriage ends in divorce. But, could bad drafting and negotiating in the lead up to signing the document actually invalidate a "prenup"?

The short answer is yes. While every prenup will be unique to the realities of each individual relationship that is the subject of the document, there are certain requirements that need to be met or, in the worst-case scenario, a court may invalidate the document if and when it is set to be enforced. Florida residents should be mindful of these requirements if they want to have the best chance to have their prenups enforced when they are needed.

Many executives, professionals and other well compensated employees in the Tampa area may be offered a number of generous benefits in addition to their cash salary. Among others, an employer may offer the employee stock options.

To be clear, a stock option does not give the owner any actual interest in a corporation. However, they do give the employee the right to buy stocks in their employer at a later time.

The abbreviation QDRO stands for qualified domestic relations order. Many Floridians who live in the Tampa area and other parts of the state will need to be familiar with this term, particularly if they are going through a divorce or legal separation. This is because many of this state's retirees or soon-to-be retirees have a lot of wealth tied up in pension, 401(k)s or other retirement plans.

As is the case with other marital property, a court will divide up a couple's retirement plans, or at least a share of them. However, ordinary court orders will not work to convince the administrator of a retirement plan to divvy up the funds.