Common concerns of a late life divorce in New Jersey | Lane & Lane, LLC
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Common concerns of a late life divorce in New Jersey

Many couples in New Jersey and across the United States often put a great deal of thought into the process of ending a marriage. In many cases, the factors that influence such a decision may also differ depending on age. For those who are nearing retirement, there might be additional aspects to consider regarding a divorce later in life, many of which could revolve around financial stability.

Divorce rates among senior citizens have reportedly doubled over the past 30 years, according to recent studies. Although those who are facing a similar situation often face many of the same challenges as any other couple, there may be other areas of concern, including those surrounding retirement assets. These are often complex assets that can be difficult to divide and may even be subject to tax and/or early withdrawal penalties if the proper precautions are not taken.

For those who are entering this point in life, financial standings may be of the utmost importance. The division of assets inherently has an impact on this area of life, which could potentially be cause for alarm among individuals who have already planned for retirement. With the potential weight of the outcome of a divorce, many couples at this stage in life may have tough decisions to make regarding certain assets, such as the family home, which often accounts for a significant portion of a couple's wealth.

With numerous crucial aspects to cover during a potentially stressful and intimidating process, those who divorce late in life may often find it advisable to seek assistance in the process. By speaking with a family law attorney, an individual in New Jersey could obtain guidance throughout this challenging life event. An attorney can address a client's concerns and wishes and assist him or her in protecting retirement plans by pursuing a fair and equitable portion during divorce proceedings.

Source: wtop.com, "Over 65? How to know if you can afford a 'gray divorce'", Dawn Doebler, July 17, 2017

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