Arons & Solomon Divorce Lawyers | October 31, 2024 | Divorce
The term “gray divorce” is used to refer to couples over the age of 50 getting divorced. The rate of gray divorce has doubled since 2010 after showing very little increase between 1970 and 1990. In a 2021 report, about 35% of the couples filing for divorce the previous year were 55 years old or older.
The reasons for divorce after 50 vary but include:
- A spouse decides they do not want to “tolerate” someone for the next 20 to 40 years that they have not loved for a long time.
- Women are earning sufficient incomes to support themselves independently from their partners.
- Children have left home, leaving spouses to take a hard look at whether they want to remain married.
- Couples have different ideas of how they want to spend their retirement.
- A spouse is interested in pursuing other relationships.
Regardless of why you want a gray divorce in New Jersey, there are several things to consider. Suddenly being on your own after 50 has some unique challenges that younger individuals might not need to address until they are closer to your age.
Things to think about as you prepare to go it alone after 50 include:
Health Insurance
You may not be old enough for Medicare. Therefore, you need to consider where you will obtain health insurance if your spouse currently provides insurance. You may need to pay for health insurance through your employer, purchase an independent policy, or consider new employment with a company that provides health insurance.
Income
Your income may be vastly different than it was when you were younger. You may earn more now than you did in your 30s and 40s. However, the market for older workers is also different. If you lose your job, it may be more difficult to find employment earning the same amount you are earning now.
Retirement Income
Consider how you will pay for your expenses and needs when you retire. Talk with an attorney about how retirement funds will be divided during the divorce. Even if you split all retirement funds equally, will that amount be sufficient to carry you through retirement?
Caregivers
Spouses are generally the caregivers when their partner develops a mental or physical incapacity. As we age, the risk of cognitive and physical impairments increases. If you were to have a mental or physical condition that required full-time care, what would that look like? Who would provide the care, and how would you pay for it?
Estate Planning
You may have a detailed estate plan tied to your spouse’s estate plan. Generally, spouses leave everything to the other spouse if they survive, then to their children. You will need to change your will after divorce. Your estate plan may involve complex tax issues depending on your financial situation.
It is also important to review other estate planning documents. You need to determine who you want to make medical decisions if you cannot do so for yourself. You will need to determine whether you want someone to have financial power of attorney in case you become incapacitated.
Property Division and Alimony
Generally, gray divorces do not involve child custody or child support. However, property division and alimony may be complex issues. Alimony may be a significant issue after a long-term marriage, especially if one spouse spent the marriage as a homemaker.
Older couples may have accumulated substantial marital assets. Some assets may be difficult to divide, such as businesses and overseas assets.
Making a Gray Divorce Work for You
Before filing for gray divorce, you need to hire an experienced Bergen County gray divorce lawyer. An attorney who understands the unique issues involved in gray divorces can help you examine your options.
Your attorney can help you develop a divorce settlement that protects your finances and best interests. With your attorney’s help, you can have a foundation for a secure future throughout your retirement years.
You may also need to enlist the help of other skilled professionals, such as an estate planning attorney, accountant, financial planner, and appraiser. Your lawyer can direct you on those issues as needed.
Are You Considering Divorce After 50?
Protecting your best interests is the key to navigating a gray divorce in New Jersey. Therefore, you should seek legal advice from an experienced Bergen County gray divorce lawyer. Call Arons & Solomon Divorce Lawyers for a free consultation with an attorney with extensive experience handling gray divorces.
Contact the Bergen County Family and Divorce Law Firm of Arons & Solomon Divorce Lawyers for more help
Contact the experienced family attorneys at Arons & Solomon Divorce Lawyers today for legal assistance. Visit our law office in Bergen County or give us a call at (201) 487-1199 to schedule a free consultation with our team.
Bergen County Law Office
1 University Plaza Dr #400, Hackensack, NJ 07601, United States