Divorce among couples over 50, known as gray divorce, has continued to increase in recent years. Along with the emotional baggage that accompanies this process, gray divorce also poses unique implications due to the age and life stage of the spouses.
Learning about them before your divorce can enable you to prepare for potential complications and minimize their consequences. Let’s look at just two.
Spousal support needs
One key issue in gray divorces is spousal support, especially when one spouse has fewer financial resources than the other. Types of alimony available in New Jersey include:
- Rehabilitative support: This is awarded to support a spouse in becoming self-sufficient, often with a specific plan and timeline for education or training.
- Limited duration support: This is generally for a set period, typically for shorter marriages, to assist a spouse until they can support themselves.
- Reimbursement support: This typically compensates a spouse for financial contributions to the other spouse’s education or career advancement during the marriage.
In long-term marriages, the court may award open durational alimony, which lacks a fixed end date but is not considered permanent. The flexibility of this form of spousal support can be invaluable in making ends meet after a gray divorce.
Property division challenges
Couples facing gray divorce often have significant marital assets, which can complicate the division of property. Distinguishing between marital and separate property is crucial to a fair settlement that reflects your sacrifices and contributions.
Retirement account assets can also introduce complications. They qualify as marital property, making them subject to equitable distribution laws.
As you can see, gray divorce can be much more complex than you may have believed. To improve the chances of a fair outcome and a stable future, it’s wise to have experienced legal guidance with your divorce.