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. Continue Reading →
