New Jersey Divorce Lawyer Blog
The population of the Garden State, and the United States more broadly, is becoming proportionally older. As a consequence, it is easy to imagine that divorce among older people is becoming more frequent. Oftentimes, divorce of older individuals is referred to as gray divorce. Before we dive into a deeper discussion about the rising tide of New Jersey gray divorce, we take a moment to define the concept. Generally speaking, gray divorce is defined as Gray divorce is the term used for the dissolution of marriage among older adults, typically couples aged 50 and above. Unlike divorces earlier in life, gray divorces often occur after decades of marriage and involve unique financial, emotional, and social considerations – which are discussed with you in this article.
Increasing Rate of Gray Divorce
The esteemed Pew Research Center provides some alarming statistics about gray divorce in the United States, including New Jersey gray divorce. The divorce rate among people over the age of 50 has doubled since 1990. The divorce rate for people over the age of 65 has seen an even sharper incline. Since 1990, the divorce rate among people over the age of 65 has nearly tripled. With this statistical background in mind, we take a close look at the impact of New Jersey gray divorce.
Financial Wallop of Gray Divorce
Following the conclusion of a divorce in the Golden Years, parties to such a marriage dissolution proceeding can face significant financial issues. For example, following a divorce later in life, a woman’s standard of living declines by about 50 percent, according to PudMed. A man’s standard of living can also be expected to decline, on average by 21 percent. Overall wealth or value of accumulated assets tends to drop by 50 percent for spouses of both genders.
Gray Divorce and Retirement Security
The division of assets later in life leaves a formerly married couple less time to recover, according to the Center for Retirement Research. As a consequence, many divorced seniors are forced to delay retirement or completely restructure their retirement plans.
Mental Health Impact of Divorce During the Golden Years
The depression rate among people who undergo a gray divorce is higher than for other cohorts of people. Elevated depressive symptoms tend to be more evident among people pursuing gray divorces than is the case for people seeking to end their marriages in their marriages at earlier stages in their lives.
Education Level and Gray Divorce
Gray divorce rates are up across all demographic cohorts at this juncture in time. With that said, gray divorce is more commonplace among people with bachelor’s degrees and higher levels of education. Gray divorce rates are lower among people who do not have college degrees.
Cohabitate or Remarry After Gray Divorce
A question to bear in mind following a New Jersey gray divorce is whether you should cohabitate with a significant other or remarry. There are a number of reasons why some people might take the cohabitation route. One of the key reasons why this is the case is that by not remarrying, some individuals might be able to maintain some benefits that were associated with a prior marriage. Another prime reason why some people might elect to cohabitate rather than marry again is to maintain a better sense of financial or economic autonomy.
Gray Divorce, Overall Health, and Life Expectancy
Life expectancy and health outcomes can be worse. Being divorced (or separated) later in life is associated with higher risks in several health domains. For example, divorced older adults have worse health outcomes compared to married peers, and divorce in later life has been linked with higher risk for:
- Poorer physical health
- Increased cognitive decline
- Elevated all-cause mortality compared to being married
Adult Children of Divorced Older Parents
Adult children of parents who go through a gray divorce feel emotional and relationship strain. Gray divorce doesn’t only affect spouses but also adult children. Adult children report negative emotional impacts when parents divorce late in life:
- Increased anxiety
- Grief
- Feelings of instability
Gray divorce can also strain the parent-child relationship and affect adult children’s sense of filial responsibility or even lead to estrangement. If you have any questions concerning a gray divorce in New Jersey, call the Law Offices of Peter Van Aulen at (201) 845-7400 for a free initial consultation.
