Like many New Jersey couples, you may have stayed married throughout the decades until your children were grown and out of the house before deciding in your later years to separate. While each situation is slightly different, there are various reasons for this phenomenon that has come to be known as a “grey divorce.” What are the challenges you may face in a grey divorce?
According to Forbes, this trend has increased throughout the 21stcentury and seems to be on the rise. Not only are there emotional ramifications of separating at this phase in your life, but there are specific issues that younger couples do not face. For example, when you are in your earlier years, a divorce often centers around child custody and support issues, and finances may be tight. But when you are older, your children are probably grown and flown and you may have acquired a substantial amount of assets.
While it is a fortunate thing to have more assets to divide, the division of your property inescapably has emotional ties. Trying to decide who keeps the house you raised your family in or deciding to dispose of it can be very difficult. You may also have at least one vacation home that needs to be considered, and high-end artwork that you acquired with your spouse.
In addition, you need to pay careful consideration to your retirement plans now that you are going to be living in separate households. Pensions, retirement benefit funds and Social Security must all be addressed, as well as other financial accounts that you jointly own. And, if you have been covered on your spouse’s plan, you need to plan for your health insurance.
This information is provided for educational purposes and should not be interpreted as legal advice.