Research indicates that the number of marriages that end among couples over age 50 is more than twice the numbers recorded in 1990. For couples over age 65, the numbers have almost tripled. Thus, any New Jersey spouse who considers a divorce later in life need not feel uncomfortable about it because it happens with increasing frequency. These breakups have even earned a name — gray divorce.
Individuals who have been financially dependent on a spouse for many years could be extremely vulnerable when the person who provided security is no longer there. At such a traumatizing time many people attempt to deal with all the issues without help, while the process could be much less complicated with the help of a support team. Sound financial advice is critical, even for someone with a strong economic background.
For instance, a spouse may not realize that keeping the family home in exchange for other assets may be an emotional rather than a wise choice. If the house was sold instead, that person could invest his or her share of the profits for an appropriate return. When a couple has shared a financial adviser for decades, it might be challenging to have to choose another, but using a person who has loyalty and commitment toward the other spouse may not be in his or her best interests.
The most appropriate way to approach a gray divorce might be to build a support team of professionals who have experience in dealing with divorce. This applies to the choice of attorney, financial, real estate and tax advisers. Ending a marriage later in life does not leave a person much time to prepare for retirement, and the best legal counsel New Jersey can offer might be the remedy.
Source: greensboro.com, “Accountant pens ‘Gray Divorce, Silver Linings: A Woman’s Guide to Divorce After 50’“, Robert C. Lopez, Oct. 27, 2017