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How divorce could affect older adults

| Jul 30, 2020 | Property Division | 0 comments

With divorce on the rise among people older than 50, some New Jersey couples who have been married for decades may find their marriage in trouble. This can happen for a number of reasons. Some of them are the same for divorce among younger couples, such as infidelity or addiction.

However, older couples may also divorce for reasons that are unique to their age. When couples have been married for a long time and their children leave home, they might find that they do not have much in common anymore. With longer and healthier lives ahead of them than their parents or grandparents might have anticipated, they might not be willing to settle for the marriage they have and may even hope to meet a new partner. Similar thoughts could drive couples who have been arguing for years about how to manage their finances to seek a divorce.

There are also implications that are unique to divorce among older adults. Although their children might be grown, they can still struggle with the idea of their family breaking up and even having to get used to a parent having a new family. Property division can also be complicated after years of sharing assets, and one person may have to face a big transition if they have been supported financially by the other.

One major issue that older adults may face is the impact that the divorce will have on their retirement plans. They may need to take various steps to avoid taxes or penalties depending on the type of retirement account and the rules about dividing it in a divorce. Their respective attorneys might be able to help the couple negotiate a solution that leaves them both with some financial stability.