They say that age is just a number, and in many aspects, this is true. Certainly, people are living longer now and, as a result, the age at which couples are divorcing has risen. New Jersey residents may be familiar with the so-called ‘grey’ divorce trend, which is on the increase.
The statistics issued by the National Center for Family and Marriage Research show that, since 1990, the divorce rate among those aged over 50 has doubled. During the same period, the divorce rate almost tripled among those over 65. One of the reasons why this might be the case is that people are no longer willing to remain in unhappy or unfulfilling marriages once their children have left home and created families of their own. It is also the case that divorce no longer carries the social stigma that it once did.
The prospect of starting over again at this time of life may be either daunting or exhilarating. In either case, it is something that should be approached sensibly. As a married couple, one may be used to a certain standard of living; however, upon divorce, this may change quite drastically, depending on the financial situation. Retirement accounts, however well-funded, may not be enough on which to rely. Many couples may find that the bulk of their wealth is tied up in the family home, and if one spouse cannot raise enough money to buy out the other then it may become necessary to consider selling the house.
Often, one spouse will have been responsible for taking care of the finances. Where this is the case, it makes sense for the other spouse to being to familiarize himself or herself with day-to-day expenses as soon as divorce raises its head. There may be local classes that can help New Jersey residents understand basic personal finance. Seeking advice from the appropriate sources during the initial stages can help one to move through the process and forward into a positive future.
Source: cnbc.com, “Surviving divorce after 50“, Katie Young Portfolio, March 2, 2017