When you and your spouse said “I do” years ago, you may not have anticipated ending the marriage after decades together. Unfortunately, gray divorces are growing increasingly common, leaving many unsure of their rights or legal options in the matter. As such, if you are an older adult going through your first divorce, you’ll want to keep reading. The following blog explores what you should know before going through a gray divorce, including the steps you can take to prepare and the importance of working with a Somerset County divorce attorney to help you receive the best possible outcome for your unique circumstances.
What Is a Gray Divorce?
A gray divorce is a term used to describe a divorce involving parties that are older, typically over the age of 50, and have been in long-term marriages. This term arose over the past few years as divorce rates of those over 50 have increased. This is due to a number of circumstances, such as greater financial independence for both parties in the marriage, less stigma surrounding divorcees, and even an increased life expectancy, which allows more people time to reconsider their circumstances.
While gray divorces are growing increasingly more common, many going through this process are unsure what to expect or what steps they should take to protect themselves. Unlike a traditional divorce involving younger adults, there are more challenges older couples may face during these matters. Typically, older couples often have more assets, differences in income, and estate plans to take into consideration for these matters.
How Can I Prepare for This Process in New Jersey?
If you and your spouse have decided that filing for divorce is in your best interest, it’s critical to take the necessary steps to prepare for this process to help make your divorce as smooth as possible. Generally, the first and most important thing you should do is find an experienced attorney to help you navigate these complicated matters. Unfortunately, many assume they can DIY this process without realizing how complex filing for divorce is.
Once you have scheduled a consultation with an attorney, you should then begin taking inventory of the assets you own and any debts you owe. This is critical to understanding what assets you will be able to retain during the divorce, as your marital property, meaning any assets shared between you and your spouse, will be divided according to the state’s equitable distribution standard.
Going through a divorce, especially for a marriage that has lasted decades, can be incredibly difficult to navigate. As such, it is in your best interest to connect with an experienced attorney with the Siragusa Law Firm to discuss your legal options. Our team will examine your circumstances and help you in the fight for the best possible outcome. Contact us today to learn more.