Many of our readers in New Jersey have probably heard the term “grey divorce,” which, generally speaking, usually involves people over the age of 50 going through a divorce, as opposed to younger individuals. Many people have probably also heard the common refrain that about half of all marriages end in divorce. These two concepts are causing major ripples in the family law field, and they may start to become intertwined.
There is some thought that the idea that half of marriages end in divorce is changing, as the rate of divorces drops. So-called “millennials” are waiting longer to get married and many are staying married longer. At the same time, experts say that the rate of divorce for those over the age of 50 is rising. Millennials, as they get older, will likely start to fall into that category.
As a recent article noted, getting through a divorce when you are over the age of 50 may be different than it would be for younger couples. There are likely to be more significant finances involved, as most married couples accumulate quite a bit of wealth over the years. The need for health insurance may also be a significant concern, if your divorce will leave you searching for a new insurer at an older age.
Millennial or not, young or old, going through a divorce includes many different issues to address. It is just that, for those over 50, there may be even more concerns. It can seem daunting to take such a big step so late in life, which is why it can be helpful to have an experienced attorney by one’s side.