As society’s expectations of men over 50 continue to change, one shift has been a blessing for those who are unhappy in their long-term marriages: the increasing acceptance of gray divorce. Gray divorce is a term used to refer to divorcing couples over 50 and those who have been together for 20+ years. This demographic is divorcing at higher rates than any other age group in the United States. Those who choose to divorce no longer feel forced to stay in an unhappy marriage just because of their age or life stage; many are thrilled to begin the next stage of their lives newly single.
Many relationship experts have speculated about the rising rates of gray divorce. Some believe retirement has taken on new meaning, so couples are reevaluating who they want to spend it with. Other experts point to the later-in-life liberation of a generation that may have felt pressure to get married at a younger age and stay married for the kids.
We may not know what common themes have caused an increase in gray divorces, but we do know that men over 50 who are going through a divorce need to work with an attorney who understands the intricacies of dissolving a decades-long marriage. The family law attorneys at Micklin Law Group are prepared to tailor our services to the needs of every individual we work with, including men over 50 who have been married for years and are ready to call it quits.
High Asset Gray Divorces in New Jersey
When you’ve been married to your spouse for 20 years or more, it’s likely you’ve accumulated more assets than a new couple. This increases the likelihood that you’ll experience a high asset divorce.
A high asset gray divorce may involve:
- Real estate holdings, including the marital home, rental property and vacation homes
- Businesses, including closely held businesses and family businesses
- Retirement accounts such as pensions, IRAs and 401(k)s
- Stocks, bonds, and other investments
- High value personal items, including fine art, antiques, and luxury cars
To properly handle your high asset divorce, your gray divorce lawyer may choose to partner with recognized experts in the financial field, including forensic accountants, QDRO specialists, actuarial experts and certified public accountants. These experts provide a clear understanding of the assets to be divided which in turn allows your attorney to create a tailor-made approach to your divorce.
Navigating A High Conflict Gray Divorce
With more assets at stake, many of which have become sentimental to both spouses over the years, a gray divorce may become contentious quickly. It’s easy to get lost in a back and forth over the house, cars, and sentimental items, but there are a number of other assets that must be fairly divided to protect your financial future: retirement accounts, investments, and more. When mediation doesn’t work, you’ll be forced to head to court and plead your case to a judge. In a high conflict divorce, both you and your attorney must be prepared to let go of the living room furniture if you hope to reach your greater goals.
Men who are facing a high conflict gray divorce in New Jersey rely on Micklin Law Group to lead them into litigation confidently and with their best interests in mind. Brad Micklin and our entire team focuses on men’s and father’s rights during gray divorces, including in the areas of spousal maintenance, fair division of assets, and custody of teenage children. We’ll analyze your situation objectively and bring our decades of experience as family law attorneys to provide you with advice and counsel that makes sense to you as a man and as a father.
Gray Divorce FAQs
There’s no reason to assume you can no longer get divorced once you turn 50. You’ll just have to account for any unique circumstances that could arise as a result of your divorcing later in life. You may have accumulated substantial assets, for example, or you may be concerned about keeping your retirement accounts in good shape. Luckily, experienced gray divorce attorneys in New Jersey know how to swiftly adapt to any unexpected circumstances that may arise during your divorce.
Gray divorces are continuing to become more common in New Jersey. You likely have at least one friend, family member, or colleague who went through a divorce after 50. If so, you may have heard him talking about the difficulties of separating substantial marital assets and divvying up real estate. This is an aspect of gray divorce that can’t be ignored, but many highly qualified divorce attorneys in New Jersey have acquired the skills and acumen necessary to help you navigate difficult mediation or litigation.
There are several unique financial considerations for spouses going through a gray divorce, such as social security benefits, retirement account and pensions, insurance, long-term care, and estate planning. Even the standard division of property that comes with a divorce can be trickier for couples who have been together 20+ years. To avoid the pitfalls of divorce and secure your financial future, consult a professional gray divorce lawyer in New Jersey.
It is likely your retirement funds will be affected by your gray divorce to some extent. If you’d like to minimize the long-term financial impact of the divorce, your best hope is to speak with a qualified New Jersey gray divorce attorney posthaste. Your gray divorce lawyer in New Jersey can advise you further on how to approach your retirement funds during your divorce. He will also explain how your prenuptial agreement affects your retirement accounts and other assets, if applicable.
As is the case with any divorce, it depends on your circumstances and the arrangement you’d made in your marriage. If your spouse has been out of the workforce for some time, you may face a request for spousal support. There are several types of spousal support, with some lasting only short-term and others continuing indefinitely. There is usually some room for negotiation when it comes to spousal support, and your New Jersey gray divorce attorney can explain the best option for you.
There’s no legal requirement for you to hire an attorney for your gray divorce. However, when you’re dealing with a complicated issue you usually want a well-trained professional to help you find a solution. You and your spouse might be able to use our e-divorce service to resolve your gray divorce if you agree on everything, but most couples at this stage of life require some level of mediation or litigation to resolve their divorce. Hiring a seasoned gray divorce lawyer in New Jersey can ultimately decrease the time, money, and stress you put into your divorce.
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