Divorce among those over 50 is the fastest growing sector of people who seek to separate. This trend has been termed the “gray divorce.” Divorce among this older group is often triggered by a different set of motivations than those of the younger set. Most often, children have grown and moved out, careers are leading to retirement, financial independence is within reach for both parties and a yearning for changes in lifestyle and perspective lead the way to splitting up for many of those over 50. The experienced divorce attorneys at Morris, Downing & Sherred, LLP are here to help.
Division of Assets
New Jersey is an equitable distribution state, not a community property state so the division of assets will be under a different analysis than the common 50/50 many people assume applies. Equitable distribution means assets will be divided fairly though not necessarily equally. For an older divorcing couple, what makes up separate and joint property, and the nature of all the property to be divided will likely be more complicated and substantial given the number of years together as a married couple. These assets will often include investment portfolios, retirement accounts and pensions, real estate holdings, fine art collections, all of which will require valuation and negotiation as part of the divorce process.
Spousal Support aka Alimony
Spousal support may also come into play as part of the divorce process. New Jersey considers multiple factors in the calculation of spousal support, some of which include the duration of the marriage, respective earning capacity, age and the standard of living enjoyed during the marriage.
Estate Planning
Revisiting estate plans is also something people going through a divorce later in life will need to address. Updating wills, trusts, and beneficiary designations ensures that assets (once the property division is finalized through the divorce process) are distributed according to your wishes and that your former spouse is not inadvertently included in estate planning documents.
The impact of divorce at a later stage in life cannot be understated, Though child custody is not at issue, emotional upheaval is still very much a factor for both parties given the radical change in lifestyle, after decades together, While keeping a level head regarding the assessment and evaluation of assets is important, don’t neglect your emotional health and well-being while going through this difficult process.
How Morris, Downing & Sherred’s Divorce Attorneys Can Help
Having an attorney can help you successfully navigate this difficult process and reach a fair settlement. We will be at your side, drawing on our experience, compassion, and dedication to the best result for you, during this challenging time.
Please contact the experienced divorce attorneys at Morris, Downing & Sherred, LLP, at 973-383-2700. Our Sussex County office is conveniently located on Main Street in Newton, New Jersey.
