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Getting through a divorce in the retirement years

On Behalf of | Aug 18, 2020 | Divorce

More couples who have been together for many years are making the decision to end their marriages. What is known as gray divorce is on the rise in New Jersey and across the country. Although some of these couples have waited to divorce until after their children have grown and look forward to their new-found single status, they are likely in middle age and may be wondering how divorce will affect their retirement.

Experts say there are a number of questions to ask and things to look into to make sure the golden years are as comfortable as possible post-divorce. Some of those include finding out whether Social Security payments will change, deciding what to do with the house, whether one spouse will have to pay alimony, how assets and debts will be divided, who will keep the pets if there are any and determining the amount of retirement benefits. The decision also has to be made on how to tell adult children about the divorce.

In many of these scenarios, child support payments are unlikely since children are likely to be adults and self-supporting. Spousal support, on the other hand, may be an issue, so this must be discussed and agreed upon. All these decisions are made easier if the soon-to-be former couple communicates openly and with a measure of trust.

A New Jersey lawyer may be able to help his or her client to get through a divorce later in life. Divorce is never an easy road no matter how old a person is, but can be even more taxing on the middle aged or older individual. Knowing what is going to happen at every stage may be helpful in allaying any fears. As well, a lawyer may be able to provide the names of other professionals who may be able to help such as accountants or family therapists.