Divorce After 50: Unique Considerations for New Jersey Couples

In recent years the term ‘gray divorce’ has become very popular, referring to couples who divorce after a certain age, and usually after a long marriage. A gray divorce, Divorce after 50, may come with unique considerations and some complications (say, retirement accounts, health insurance), while not presenting others (say, custody arrangements).

Why divorce at and after 50? There may be many reasons: you want independence; you and your spouse have grown apart; you want to be free of your spouse’s toxic behavior. Life is long, and the next chapter of your life can be what you want it to be, our firm’s motto is Move Forward, and we can help you do that, at any age. (Though this is not an endorsement, for more on the topic, consider the book Gray Divorce: What We Lose and Gain from Mid-life Splits, by Dr. Jocelyn Elise Crowley.)

If you’re over 50 and thinking of getting divorced in the Garden State, schedule a consultation with a family law attorney from the O’Cathain Law Group Family Law Department, and discuss with them:

• Alimony: Not many people retire at 50 years old, so if there is a large income discretion between the divorcing spouses, or if, say, one co-parent put their career on pause to serve as the primary parent, a ‘gray divorce’ may very well still entail Alimony. Discuss New Jersey’s alimony law with your family lawyer at your consultation.
• Asset Division: Often couples divorcing in mid-life have amassed considerable assets (much more than a couple just starting out). You may even ask yourself, How did we get all this stuff?! That may include residential property, secondary property, business interests, personal property, vehicles, stock portfolios, etc. Deciding who gets what is, of course, part of a fair Equitable Distribution. Before you consult with your family lawyer, be honest with yourself and make a list as to what matters most to you (especially if there are items of sentimental value).
• Estate Planning: A divorce can alter what you plan to leave to whom when you’re gone. You may have differing opinions, for instance, on how much or what kid should get what. A family lawyer can help you figure out a way to resolve this with as little acrimony as possible. We can also work with Elder Lawyers and Trust and Estate Lawyers to ensure that your future goals are to be met.
• Health Insurance: Naturally health insurance may be used more frequently as people age and aim to take care of themselves. If one spouse is dependent upon their spouse’s health care plan, this can be a difficult but solvable concern. Discuss ways for this to be financially viable option moving forward.
• Tax Implications: When you consider filing, for the first time in a long time, as ‘single,’ a lot of tax questions may come to the forefront (for instance, capital gains taxes, if you sell your marital residence). While we are not tax attorneys, we work with tax specialists and forensic accountants as part of your dedicated family law team to make the tax decisions that make the most prudent financial sense for your situation.

Divorcing after building a life and raising kids together is no easy thing, there’s a lot of emotional baggage to consider. Just know a ‘gray divorce’ doesn’t negate the life you had together; it simply means you want something different as you Move Forward. O’Cathain Family Law Group is here for you.