65 Madison Ave · Suite 420 · Morristown, NJ · 07960

¡Attention TAC People!

Press 'p' on your keyboard to make this palette go away.

Max width: 1200px
Color Hex R G B
Blue from Logo#003d65 0 61 101
Darker Blue#021020 2 16 32
Red from Logo#780500 120 5 0
Darker Red#400000 64 0 0
Gray from Modern Firm Site#f3f2ed 243 242 237
Bright, Light Blue#ccebff 204 235 255
Form Input Background Blue#accfe6 172 207 230
Slightly Darker Blue#002e4d 0 46 77
Slightly Darker Gray#e6e5e0 0 46 77
Darker Gray#cccbc7 0 46 77
Lighter Logo Blue#005c99 204 235 255
Login Link Blue#598fb3 89 143 179
Slighty Lighter Red#99150f 153 21 15
Slighty Darker Gray#b3b2ae 179 178 174
Hunter Green#013b23 1 59 35
Lighter Green #025935 ? ? ?
Beige Charcoal #1f1e1e ? ? ?
"Metallic Gold" #D4AF37 ? ? ?
"Darker Green" #012e1b ? ? ?

Financial Issues When Older Couples Divorce

When a New Jersey couple decides to divorce, they will have to deal with splitting up their assets, which is a process that can be contentious regardless of the age of the spouses. However, for older couples, especially those nearing retirement, property division can have an even bigger financial impact, since there is less time for the parties to earn income on their own to fund their retirement.

Between 1990 and 2013, the number of divorces involving couples who were the age of 50 doubled. This is a cause for concern, as research done by a Bowling Green State University professor indicates that older divorced individuals frequently end up in poverty.

The researcher’s studies indicate that 30 percent of women who are 62 or older and divorced live in poverty, while for men in that age group, the number is 14 percent. To contrast this, only 4 percent of couples who are married at that age are living at or below the poverty line. This indicates that asset division and retirement issues are major stumbling blocks for older individuals who divorce. Part of the issue is that retirement accounts may not be liquid, so splitting up assets may not involve a clean break. Further, there is the issue of determining if the total amount of funds in the account will be split or just the portion attributable to contributions that were made during the marriage.

Going through the divorce process at any age can have significant financial implications for those involved. Along with the issue of determining how property will be divided, people may also be ordered to pay child support or alimony. A family law attorney can explain the procedures and issues involved to a client who is facing the end of a marriage.

Begin Your Conversation

  • Disclaimer: Contacting our firm via the internet does not create an attorney-client relationship. Please do not send any confidential information through this form.

Contact Our Morris County Office

866-957-2982

973-828-0829

Morristown / Morris County Law Office

65 Madison Ave

Suite 420

Morristown, NJ 07960

Morris County Mediation Office Map