Heymann & Fletcher

Grey divorce and its unique challenges

Ending a marriage is generally a major event in any person's life, but it can impact some people more than others. Though most people assume that those getting a divorce are in their 20s, 30s or 40s, research shows that divorce rates are rising for people older than 50. A divorce in that age category is commonly called a "grey divorce." Experts say that there are several differences for those who have a grey divorce, some that make the entire process a bit simpler, and others that can complicate matters. Those here in New Jersey who are considering getting a divorce may find this information helpful.

Experts speculate that grey divorce is on the rise because people are living longer these days, and many of them decide that they don't want to be part of a relationship that isn't fulfilling to them. Unlike earlier generations, grey divorcees often have their own income, which makes dividing an estate more clear cut. This also means there is less risk to the spouses who decide to split up. There usually isn't child custody to worry about, and this age demographic often has less debt, further simplifying the process.

While divorce in this age bracket is more accepted these days, that doesn't mean that there are no challenges. For two spouses who happen to share income, perhaps because they own a business together, or because one spouse didn't work outside the home, divorce may be trickier. It can be more difficult to determine how to split retirement assets or other shared property. If one spouse didn't work, he or she may have more difficulty finding a way to generate income and build up more savings for retirement.

Despite the drawbacks, grey divorce might be exactly the right choice for some people. Just because they are older than a lot of people who make the choice to divorce doesn't mean they don't deserve to be happy. Those here in New Jersey who are considering getting a divorce may want to consult an experienced divorce attorney who can guide them through the entire process.

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Heymann & Fletcher
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Toll Free: 800-481-8549
Phone: 862-781-0029