Guiding You Through A Gray Divorce In New Jersey
Divorce is increasingly common among baby boomers. The term gray divorce refers to divorce among spouses aged 50 or older. If you are among this population, you can turn to Laufer, Dalena, Jensen & Doran, LLC, for trustworthy counsel during this challenging time.
We are committed to providing excellent legal services for the people of northern New Jersey. As one of the state’s preeminent family law firms, we feel honored to carry a legacy of positive results in alternative dispute resolution and in divorce trials.
Experience With The Unique Challenges Ahead
Gray divorces involve many complex issues that might not come up for younger couples. Our divorce attorneys have handled numerous gray divorces and know how to approach these issues to have the best chance of resolving them satisfactorily. A few of the concerns with which we can assist you include:
- Complex asset division: Many seniors have accumulated multiple real properties and other substantial assets subject to property division.
- Retirement accounts: We can help you figure out how to distribute retirement assets using a qualified domestic relation order (QDRO) or other methods.
- Prior marriages: You might have obligations such as alimony payments from a previous marriage that requires consideration.
- Stepchildren: A divorce lawyer can explain your rights when it comes to your stepchildren, including leaving them an inheritance.
- Wills and estate plans: In addition, we can help you adjust your power of attorney and the beneficiaries in your will.
As a law firm that practices primarily family law, our team members have a rare depth of insight into New Jersey divorces. We carefully evaluate the details of your circumstances to arrive at a strategy designed to minimize costs, stress and time spent. Our gray divorce attorneys are well-versed in traditional divorce litigation as well as collaborative law and other alternative methods.
Frequently Asked Questions About Gray Divorce
At any age, divorce can be a complicated issue. At Laufer, Dalena, Jensen & Doran, LLC, we want to make certain that you have all your questions answered. Here are some answers to frequent concerns:
Why are gray divorces becoming more common?
Gray divorces have become more frequent for several reasons, including:
- Changing social norms: There’s less stigma around divorce now than in previous generations, making it easier for older couples in relationships that have long been unhappy to consider the prospect of ending their marriages.
- Increased life expectancy: People stay healthier well into their old age and live longer, and that may make them less inclined to stay in an unfulfilling relationship for what could be decades.
- Financial independence: Women have made tremendous strides with personal financial independence, which makes it more possible for them to leave unhappy marriages than in the past.
- Second marriages: These have higher divorce rates than first marriages, and many gray divorces involve second or subsequent marriages.
Finally, some couples simply realize – once their children are grown – that they no longer have common interests.
How is a gray divorce different from a divorce for younger couples?
Gray divorces typically involve more complex asset division processes, and retirement concerns often take the primary focus. Health insurance issues can arise if one spouse is dependent upon the other’s insurance for benefits. While custody of minor children is an unlikely issue, gray divorces may face issues related to their adult children’s inheritances and family businesses.
How are assets divided in a gray divorce, especially if we’ve been married for a long time?
New Jersey is an equitable distribution state, so assets are divided fairly – but not always equally. The longer a marriage, the more complicated the division of assets may become, especially if there are investments, property and pensions to divide.
Should I consult with a financial adviser during my gray divorce?
This is always wise. A financial adviser can help you understand how your financial picture will change after divorce and how to minimize the tax consequences of various asset and debt distribution strategies. They can also help address retirement concerns.
Discuss Your Future In A Free Consultation
At Laufer, Dalena, Jensen & Doran, LLC, we are with you every step of the way in a gray divorce. Contact our law office in Morristown to set up a free consultation with one of our staff members. Please call 973-975-4043 or send us an email to begin.