One idea being bandied about the financial sector involves a new type of possible mortgage called a divorce mortgage. While this product is not yet available, it might be helpful for Florida residents who are older when they decide to divorce.
According to researchers from Bowling Green State University, the number of people who were at or over the age of 50 when they file for divorce doubled from 1990 to 2014. There are many reasons why older people are choosing to end their marriages. Regardless of the cause, people who are older at the time of filing often have financial issues that are much more difficult to deal with.
Many times, one person will want to stay in the marital home, but buying out the other spouse may be cost-prohibitive. The idea behind a divorce mortgage is that a lender would loan the spouse who would be staying in the home the money that is needed to do so. If these products become available, this could allow people who would otherwise be forced to sell to stay in their homes.
Older people who are considering divorce may want to get help from a property division law firm. When people have been married for years, they may have accumulated substantial amounts of assets, property and debts that will need to be divided in their divorces. People may have to figure out how to divide their retirement accounts, real estate and business interests and other asset types. An attorney who understands complex asset division issues may help a client with determining the most advantageous way to divide the property. The attorney may then work to negotiate a settlement that places the client in the best financial situation that is possible under the circumstances.