Couples that have been together for decades are not untouched by divorce. Studies show that “gray divorces” are actually on the rise. Couples over 50 who end their marriage are currently the largest divorce demographic. Empty nesters are more likely to part ways once the kids have gone and they realize they have little in common. Divorce is simply more acceptable nowadays, and the idea that you are morally obligated stay with your partner “til death do you part” is less realistic.
Following are some tips for those going through a “gray divorce” to come out on the other side happier than ever.
Do Not Tackle Finances on Your Own
Finance matters may be the most complicated part of a divorce for couples married for 20, 30, or more years. Couples going through divorce later in life may be retired and living on a fixed income. The income once used to fund a single household must now stretch for two. A financial planner or divorce lawyer experienced in “gray divorce” will help you establish your cash flow, assets, and expenses and determine a budget that works for your post-divorce lifestyle.
In many cases, it just does not make financial sense for either spouse to keep the marital home. The expense of maintaining it is not feasible when income is now divided. Many people going through divorce later in life opt to downsize to smaller, more affordable homes. In conjunction with the growing trend of senior divorce, many baby boomers decide to live together in roommate situations. If you go this route, protect yourself with a legally-binding lease agreement. Saying goodbye to your family home can be difficult, but it is also a symbolic way to begin your new life.
Do Not Be Afraid to Rejoin the Workforce
Divorced seniors who suddenly find themselves with less income and new expenses may need to go back to work. This does not have to be a daunting proposition. Seniors do not necessarily have to return to the high-stress occupation they had before retirement. Many companies, especially retail, offer flexible positions for college students and older Americans that may not need a full-time schedule. Public schools offer aide or substitute jobs for a few hours of additional income every week. Work-from-home jobs are another option offering extra income without the commute or time commitment.
Bridgewater Divorce Lawyers at Lyons & Associates, P.C. Help Those Divorcing Later in Life
Divorcing later in life has its own challenges, but your new life can be as exciting and fulfilling as ever. Our skilled and compassionate New Jersey divorce lawyers at Lyons & Associates, P.C. will work to ensure you achieve the best resolution possible. We will handle your divorce in New Jersey with knowledge and compassion, while protecting your interests. Call our Somerville, New Jersey offices at 908-575-9777 or contact us online to begin. We proudly assist clients throughout New Jersey, including the towns of Somerville, Somerset, Mendham, Bridgewater, and Woodbridge.