Gray Divorce in New Jersey

No, this is not a play on words coming from the Gray Law Group. Gray divorce is a real thing. Basically, it is a term to describe divorce for couples over the age of 50. Believe it or not, gray divorce is rather common. In fact, people between the ages of 55-64 are among the highest divorce rates in the country. While I could not find an exact statistic for gray divorce in New Jersey, I assume the percentage is similar to the national rate. What are some of the common causes and issues in gray divorce?

Common Causes

The Empty Nest. With the children grown and on their own, many couples simply grow apart. They realize that the children were their common bond. Without the kids around, there is no glue – no common interests.

The Retirement Years. As we age, obviously life gets shorter. One spouse may want to travel and see the world while still healthy. The other wants to spend all their time with the grandchildren. Clearly, this couple is not on the same page, and each wants something more and different from their remaining years.

Self-assessment. With an empty nest and/or retirement, people have more time to think. Likewise, they have more time to focus on themselves. Perhaps their marriage is causing more stress and unhappiness than the person cares to endure anymore.

No Embarrassment. Older people have a reputation for earning the right to speak their minds. Similarly, they tend not to be so concerned about what other people think. Therefore, getting divorced at an older age makes sense from this perspective. The negative stigma associated with divorce is not a reason for staying in an unhappy relationship.

Common Divorce Issues

Obviously for older couples with grown children, custody issues, parenting time, and child support are not a concern. The most common issues in a gray divorce are financial in nature. In New Jersey, we have what is called equitable distribution. In short, this is the division of marital assets. For example, how will the house, retirement accounts, life insurance, collectibles, and other assets be divided? Another issue is alimony. This can be tricky if the couple is already on a fixed income. Even if one or both spouses are still working and generating income, the divorce needs to be structured so both can afford their lifestyles.

Here to Help

If you have any questions or are considering a gray divorce in New Jersey, give us a call. We will listen and help you chart a future so you can enjoy your retirement years.