NJ DIVORCE FOR LONG TERM MARRIAGE
Long term divorce has seen a significant increase in American society. Since 1990, the divorce rate has doubled for couples over the age of 50 and more than doubled for those over the age of 65, according to a report by Susan L. Brown and I-Fen Lin, sociologists at Bowling Green State University. One in four people going through divorce in the United States is 50 or older, and nearly 1 in 10 is 65 or older. These statistics are even more eye opening given that divorce rates for other age groups have dropped. NJ divorce for long term marriage deserves special consideration.
A different approach is needing when focusing on these cases. Some of the unique issues that arise in NJ divorce for long term marriage include:
Equitable Distribution: The longer a marriage lasts, the more complex this issue becomes. Couples have had decades to accumulate joint and individual property, and the lines between this property may have become blurred.
Long-Term Debts/Liabilities: Some couples may not have any debt, while others may have a great amount, and just as wealth can accumulate over a longer period of time, so can debt. This may be from a mortgage or helping adult children though higher education. In some cases, one spouse may not have been open about finances with the other, creating a snowball effect and leaving significant debt to be uncovered during the divorce discovery process.
Income and Spousal Support: Whether you still are still working, close to retirement, or already retired, figuring out post-divorce income and spousal support is crucial to any divorce. In long-term divorce spousal support may play an even more important role.
Retirement: Dividing retirement plans adds another challenge to equitable distribution. The longer a couple has been together, the more complex this issue becomes. Our firm will guide you through this process and help prevent your retirement from diminishing due to divorce.
Social Security: Depending on the length of the marriage, remarriage, and income, spouses may be entitled to one another’s social security benefits.
Insurance: Younger couples going through divorce may not have the same concerns as older couples about health and life insurance. Will both parties be able to afford health insurance after the divorce? What will happen if one spouse is dependent on the other’s insurance? These important factors should be approached differently in NJ long-term divorce.
Our firm has the compassion needed to work with you through the emotional and complex process of NJ divorce for long-term marriage, and the experience needed to work toward your best interests. We understand that many unique factors are at play in every divorce and especially in those where couples have spent decades sharing their lives together.
Divorce comes with stress and a stream of emotion, but at Armour Law Firm we keep this in mind throughout every step and act with the sensitivity and dedication that each of our clients’ deserve during this difficult time.