Over the past few decades, divorce rates among those over the age of 50 have risen. These divorces, known colloquially as “gray divorces,” are becoming more acceptable, leading many to pursue this option. However, it’s imperative to understand that this process is not without its challenges, so it’s critical to familiarize yourself with some of the most common issues you may face if you pursue a gray divorce. The following blog explores these matters, as well as the importance of working with Morristown divorce lawyers to help you through this complicated matter so you can fight for the best possible outcome.
What Is a Gray Divorce?
Generally, a gray divorce occurs any time a couple over the age of 50 files for divorce. This can be true whether they were married for 30 years or only together for 5. As mentioned, divorce rates for couples over the age of 50 are increasing, which is generally attributed to the reduced stigma around divorce. In decades past, unhappy couples were deterred from divorcing, instead adopting the mindset of “sticking it out.” However, societal views shift, divorce becomes more and more normalized and accessible, leading many couples to make the decision to prioritize happiness over the opinions of others.
What Challenges Might I Face During This Process?
While the actual divorce process will not differ based on your age, there are several challenges you may face during this process. As such, it’s imperative to familiarize yourself with the issues that may arise so you can best prepare for the road ahead.
One of the most challenging issues many older couples who file for divorce face is the division of assets. As individuals and a couple, you may have incurred a considerable number of assets throughout your marriage, from vacation homes and boats to investments and retirement accounts. This can make the process of dividing assets per New Jersey’s equitable distribution method difficult, especially if there dispute arises over whether or not an asset is separate or marital. Additionally, the division of assets during a divorce can impact your estate plan, so you must also ensure you update your documents after your divorce is finalized.
Another issue you may find during a gray divorce is alimony. Spousal support is used to help support a spouse until they are able to financially support themselves after the divorce. However, if the paying spouse has already retired, they may be unable to pay alimony while also paying their expenses. Generally, New Jersey considers several factors before issuing alimony, but one important factor in gray divorces is the length of the marriage. As such, if you and your spouse were married for a considerable amount of time, the court may likely order payments.
Going through a divorce later in life can be challenging, which is why working with an attorney at Leslie Law Firm, LLC is critical. Our team understands how difficult these matters can be, which is why we will do everything in our power to help you fight for the best possible outcome. Contact us today to learn more.
