A New Jersey resident may spend the better part of their life working so that one day they can leave their job and retire. Most people do not meet their retirement age until well after the 50th birthdays, and some work well into their 60’s and 70’s. When they do finally get to the point where they are financially secure enough to quit their jobs, they may find that they are no longer happy in their marriages.
The term “gray divorce” is often used to describe divorces between individuals who are of retirement age. These individuals do not have children at home any longer, may have been in their marriages for several decades, and may have considerable assets that they share with their marital partners. Gray divorcees may have more on the line when it comes to their money than younger divorcees because they are no longer working and earning new income.
Therefore, gray divorce and retirement can be difficult events to reconcile. A person may want to start over on their own but they may not be able to get by on only half of their retirement savings. A party who wants to leave their long-term spouse and wants to keep their home may discover that they do not have the financial means to pay their mortgage in the absence of their spouse.
It is always a good step to discuss one’s divorce plans with a family law attorney before filing to end one’s marriage. Though the choice to divorce later in life is an important one that must be made by an individual, they can gain useful legal and financial insights from professionals who work in this field of law.