We are working remotely during these trying times to make sure we can still support you in all your legal matters.
Please know you can call us or schedule online appointments for any of your legal matters. Be well and stay safe.
Serving New Jersey Since 1984 Our Location
The Law Office Of Miller & Gaudio PC
Call Us Today. We Can Help. 732-741-6769

The impact of divorce on finances for older adults

Divorce may be twice as likely for people 50 and older in New Jersey and throughout the country compared to previous decades, and since 1990, divorce among the 65 and older age group has tripled. Researchers have wondered whether this could be attributed to major transitions that occur in this age group, including retirement and the empty nest syndrome, but studies do not support this hypothesis.

Instead, what they have found is that the most common reason for divorce among older adults is similar to the reason younger adults end their marriages. They do so because they are dissatisfied with their marriages and do not enjoy spending time with their spouse. Statistically, first marriages are less vulnerable to divorce than second marriages, and the longer a marriage lasts, the less likely it is to end in divorce. Divorce is also more likely for people whose parents were divorced. Women who are the children of divorced parents are 60 percent more likely to get a divorce and men are 60 percent more likely.

Older people who get a divorce may struggle with social isolation. They might also have a less secure retirement. It costs more to maintain two households than one, and divorced women 65 and older have an 80 percent greater likelihood of living in poverty than divorced men in that age group.

With this in mind, it makes sense for older people to try to safeguard their financial security during divorce. This means taking steps to ensure that they receive a fair share of the marital property. They may prefer negotiating this instead of litigation. Some older couples may own assets that are difficult to divide or that may incur penalties or other taxes.

No Comments

Leave a comment
Comment Information
Email Us For A Response

Contact The Firm

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Firm Location:
River Run Building
104-110 Maple Avenue
Red Bank, NJ 07701

Phone: 732-741-6769
Fax: 732-747-6016
Red Bank Law Office Map

Firm Numbers: