If you’re going through a gray divorce in New Jersey, you may wonder how it will affect your life. Going through a divorce later in life can affect you differently than if you’d divorced while you were younger.
Unfortunately, many people aren’t prepared for those differences when they go through a gray divorce. Here are a few of the ways that this sort of divorce can become more complicated.
More assets to divide
When most people start out in marriage, they have very few combined assets. Then come the home and car purchases, combined investments, and retirement accounts. Those assets all need to get divided when you divorce later in life. This can lead to a more difficult and prolonged divorce.
Commingled finances are another issue that can make it more complicated to go through a gray divorce. Commingling can happen when one partner uses their own assets to buy another asset that now becomes community property.
For instance, one party may use their money from an inheritance to buy a home. Commingled finances can make your divorce much more complicated.
Loss of social status
Loss of social status is another issue that can affect you during a divorce later in life. You and your spouse may have joined clubs and made friends with other married couples. After a divorce, those social ties can get severed, leaving you with a loss of friends that can result in a damaged social standing.
Damage to family ties
If you and your spouse have a marriage that’s lasted for many years, a divorce can cause damage to your family ties. After a divorce, you may lose the relationships you had with your in-law family members. This loss can cause increased emotional distress for you and your in-laws.
If you are going through a gray divorce, do not lose home. There are ways to overcome the complications that arise.