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Family law proceeding of divorce more common among the elderly

In recent years, more older couples in New Jersey and other states have been making the decision to dissolve their marriages. The phenomenon of going through the family law proceeding of divorce in one's later years is referred to as getting a gray divorce. From 1990 to 2012, the quantity of marital dissolutions among individuals 55 to 64 years old doubled. However, the rate increased a whopping three times for people in the age range of 65 and older.

One reason why more couples appear to be getting divorced when they are older is because society is more accepting of it. In addition, sometimes people wait to split up until after their children have grown up and thus are more capable of handling their parents' divorce. However, an important point to consider is that, after getting divorced later in life, one has less time to recoup one's monetary losses.

After one reaches 50 or 60, there are not as many years left to fully recover from the financial blow that divorce can deal. Thus, avoiding tax-related penalties when dividing assets is critical. To divide some assets, a document known as a Qualified Domestic Relations Order, or QDRO, is necessary, as it can help to protect the divorcing individuals from owing taxes following the transfer of retirement funds from one party to another.

No matter one's age, getting a divorce in New Jersey can be both emotionally and financially trying. However, the process of divorce negotiation or mediation may be less stressful and time consuming than traditional divorce litigation. These alternatives to the family law proceeding of divorce enable a couple to work together to achieve a resolution that satisfies both parties with regard to matters such as the distribution of assets and the division of property.

Source: kare11.com, "'Gray Divorces' trending upward", Adrienne Broaddus, Jan. 30, 2017

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