Arons & Solomon Divorce Lawyers | March 7, 2024 | Divorce
Gray divorce is a term used to refer to divorces involving parties over 50. While the overall divorce rate is going down in the United States, the gray divorce rate is rising. In fact, the rate of people over 50 getting divorced has nearly doubled in the last 30 years.
Gray divorces present unique challenges and can be particularly difficult for all parties involved. To help you navigate this complex process, it is crucial to understand the following information for dealing with gray divorces in Bergen County.
What Makes Gray Divorce Unique
While gray divorces involve many of the same elements as other types of divorces, a few factors make these divorces uniquely complex. First, asset distribution is more complicated. Generally, in gray divorces, the parties’ assets are commingled, and separation can be complicated. Plus, the distribution of assets tends to involve a family home with significant monetary and sentimental value.
Second, alimony can be a more significant issue. The longer the marriage, the longer the alimony payments. In gray divorces, it’s not uncommon to deal with people who have been married for over 20 years. In these situations, courts often grant open-duration alimony. Open-duration alimony payments aren’t permanent but will continue until the court or the parties terminate them.
Third, retirement is a central issue. In gray divorces, the individuals have less time to recover from financial setbacks. As a result, pensions and retirement plans become central issues, and the distribution of these assets is complicated.
Fourth, health insurance is a primary concern. It’s common for one spouse to lose access to their health insurance plan during a divorce, which is a common source of stress and conflict.
Financial Impacts of Divorce Over 50 in New Jersey
The reality is that individuals involved in gray divorces have less time to recover financially than younger divorcees. People over 50 have fewer years left in the workforce and are closer to retirement. As a result, the financial stakes of gray divorce are high.
Retirement savings, real estate, and alimony are significant concerns that need to be dealt with fairly. Before going through a divorce, the parties should understand their rights and be proactive about making sure that their financial interests are protected. This is key for long-term financial planning and retirement planning.
Emotional Impacts of Gray Divorce in Bergen County
Gray divorce also involves some unique emotional challenges. People over 50 struggle with loneliness more than other groups, and this issue is exacerbated during and after a divorce.
In gray divorces, the parties’ social lives and friends are more intertwined than in younger divorces, making the emotional toll even higher. People often feel the loss of both their spouse and their friends and social network. As a result, gray divorces can involve more grief, loss, loneliness, regret, and anxiety than divorces in younger people.
Legal Support for Gray Divorce in New Jersey
While good legal representation is crucial in all divorces, it’s even more necessary for people over 50. Gray divorces are complicated, and the stakes are high. You need a divorce lawyer to protect your interests and ensure a fair distribution of all marital assets.
Additionally, you need a legal team that understands the financial implications of divorcing later in life and that can help with long-term financial planning.
Finally, you need someone to help counsel and guide you through the divorce process. Divorce is a stressful and often overwhelming process. Let your legal team protect your rights and handle all negotiations, so you have one less thing to worry about. An expert team gives you peace of mind that you are protected and makes a hard process go as smoothly as possible.
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