Gray divorces are defined as a divorce between baby boomers and those who have had a long-term marriage that has lasted for several decades. Studies show gray divorces are currently on the rise in New Jersey. Some of the factors that are believed to cause more people to divorce at a later age are financial independence from their spouse. Better health and longer lifespans are also causing more people to separate later in life.
Why are gray divorces more complicated?
Gray divorces can take longer to finalize and can become more complicated than traditional divorces because there are a lot more factors involved. It can be challenging to determine how to separate assets and properties that have been acquired during a lifetime.
Many couples also have difficulty determining how to separate their retirement and 401ks that they’ve contributed to throughout the marriage. Some spouses choose to each keep their own retirement and go their separate ways after filing for divorce to make it easier. It can also be difficult to separate a business that was started or acquired during the marriage, which requires it to be valued before one spouse buys the other spouse out or the business is sold.
Who can you contact for legal assistance?
If you want to file for a gray divorce, it’s important to reach out to a divorce attorney who can help and has had experience with a similar case. A divorce attorney could inform you of your rights and perhaps offer mediation if you want to settle outside the courts. The attorney could assist in dividing your assets and can also handle similar matters related to alimony, prenuptial agreements, and domestic violence.