Guidance From Gray Divorce Attorneys To Start Fresh

When you get married, you never expect to file for divorce, especially in your later years. However, gray divorce, or divorces of couples past retirement age, has become more common in New Jersey. At Bastarrika, Soto, Gonzalez & Somohano, L.L.P., our lawyers understand that finding yourself at the threshold of a gray divorce can be a profound life change.

Located in Woodland Park, New Jersey, our law firm is here to guide you through this transition with dignity and respect. Our team of attorneys brings years of experience and a local reputation for quality representation in family law. We are proud of the proven results we’ve achieved for our clients, and we maintain the highest level of confidentiality and privacy in every case. As gray divorces become more common, we see them not just as endings, but as opportunities for a new beginning.

Navigating The Unique Landscape Of Gray Divorce

Gray divorce refers to the dissolution of marriage when spouses are over the age of 50. These cases often involve unique considerations, such as long-term marital assets, retirement funds, and health care needs. At Bastarrika, Soto, Gonzalez & Somohano, L.L.P., we tailor our strategies to address the distinct challenges you may face, ensuring that you have the support you need every step of the way.

At Bastarrika, Soto, Gonzalez & Somohano, L.L.P., our attorneys can assist you with various aspects of a gray divorce, including:

• Property division
• Distribution of retirement assets and pensions
• Evaluation of Society Security Benefits
• Alimony or spousal support negotiations
• Planning for health care and long-term care after divorce

In New Jersey, retirement assets accrued during the marriage are subject to equitable distribution. We navigate these waters with precision, aiming to secure your financial future. A gray divorce can significantly affect your health insurance and potential long-term care needs. We prioritize these considerations, ensuring your well-being is safeguarded in the long term.

When so much is at stake, the guidance of an experienced attorney is invaluable. Our lawyers at Bastarrika, Soto, Gonzalez & Somohano, L.L.P., are committed to protecting your assets and advocating for a fair resolution, allowing you to embrace the next phase of your life with peace and certainty.

What Challenges Should You Expect During A Gray Divorce In New Jersey?

Typically, gray divorce refers to couples that get divorced later in life. Interestingly, while the divorce rate for younger couples in America has been falling for decades, the gray divorce rate is trending up. For some age groups, the rate has tripled since the 1990s.

Gray divorce is unique and, in many cases, not as easy as divorcing earlier. For one thing, couples are more likely to have entangled property ownership. They both own the same homes, vacation properties, cars and much more. A young couple that only married for a few years may have many separate assets. A gray divorce tends to feature mostly marital assets, so everything has to be split up. The division of assets becomes the focal point for clients and divorce lawyers.

Another area where gray divorce can get very complex is financial accounts. One spouse may have accounts or investments the other person does not know about, especially if one person has handled the family’s finances for decades. Even dividing shared bank accounts takes careful planning and very specific steps. Stock holdings, 401(k) accounts and other investment accounts can become a source of serious contention.

Financial concerns can feel much bigger at this stage in life due to an upcoming retirement. How will divorce impact your retirement plans? How can you divide a pension plan or a retirement account? If one spouse is a business owner, does the other spouse deserve compensation for the growth of the business? Will it count as a separate or a marital asset?

There are solutions to all of these issues – such as using a qualified domestic relations order (QDRO) to divide a pension plan even before retirement – and our experienced legal team can help you explore your options. You likely need an attorney to help sort through the divorce process and make sure everything is accounted for during the distribution of assets, so call our firm today to set up your initial consultation.

Let Our Gray Divorce Lawyers Help You Begin Your Next Chapter

Embarking on a gray divorce is a significant life event, but you do not have to face it alone. Contact Bastarrika, Soto, Gonzalez & Somohano, L.L.P., for compassionate and proficient legal counsel through every step of your divorce. To schedule a consultation, call us at 973-370-0997 or fill out our online contact form. Let’s work together to protect your legacy and pave the way for your fresh start.