
You didn’t expect to be here—contemplating whether your marriage can last through this next chapter of life. Maybe the kids have moved out, retirement is on the horizon, and the house feels quieter than ever. You might find yourself thinking, “Is this really how I want to spend the rest of my life?” If so, you’re not alone.
Divorce over 50, often called “gray divorce,” is becoming increasingly common. Since 1990, the divorce rate for people over 50 has doubled, and today, 36% of all divorces involve adults in this age group. For those over 65, the number is even higher. If you’re starting to consider this step, preparing for the financial aspects of divorce is one of the most important things you can do.
Why do so many couples get a divorce over 50?
For decades, family life, work, and raising children may have kept your marriage running smoothly. But when the kids grow up and move out, and careers slow down or end, it’s harder to ignore feelings of disconnection.
You might find that the person beside you feels more like a roommate than a partner or that you’re living separate lives under the same roof. At this stage, financial independence may also feel more achievable, making the idea of managing two households less daunting than it once was.
Financial Preparation Steps for Divorce Over 50
Taking charge of your finances before filing for divorce can help you transition into this new chapter with greater clarity and confidence. Here’s how you can prepare:
Open Individual Bank Accounts
If you’ve been sharing finances with your spouse, now is a good time to establish financial independence. Start by opening checking and savings accounts in your name alone. Applying for a credit card in your name is another important step to build or strengthen your credit history.
While making these changes, monitor joint accounts carefully. Consult your attorney about how to handle shared accounts and bills during the divorce process to avoid financial complications.
Gather Financial Records
Understanding your financial situation is key to preparing for divorce. Start by organizing documentation of your assets and debts. This includes:
- Bank account statements
- Retirement savings (401(k), IRAs, pensions)
- Real estate holdings
- Investment portfolios
- Loan agreements and credit card statements
Be sure to include any nonmarital assets, such as property you brought into the marriage or inheritances. Keeping clear records will help you and your attorney navigate the division of assets.
Work with a Financial Advisor
Dividing assets isn’t just about splitting what you currently own—it’s about planning for your future. A financial advisor can help you understand how decisions about spousal support, retirement savings, and investments will impact your long-term goals.
They can also help you create a budget for living on a single income and work alongside your attorney to ensure your divorce settlement aligns with your financial needs.
Assess Housing Options
Deciding what to do about the family home can be one of the most emotional and complex parts of divorce. Should you stay or sell?
While moving out may seem like a quick way to find peace, it could affect your legal claim to the property. Speak with your attorney about your options. Consider whether keeping the home is financially feasible or if selling and dividing the profits might be a better choice for your future.
Plan for Retirement Account Division
Retirement savings, such as 401(k)s, IRAs, pensions, and 403(b)s, are often considered marital property and must be divided during divorce. Work with your attorney to ensure these accounts are divided properly to avoid unnecessary taxes or penalties.
For example, splitting a 401(k) or pension typically requires a Qualified Domestic Relations Order (QDRO), while IRAs are divided through the divorce decree. Don’t forget to update the beneficiaries on your retirement accounts to reflect your new situation.
Is It Worth Getting a Divorce at 50?
Deciding whether to divorce later in life is deeply personal. At 50 or older, the stakes feel higher—your finances, family dynamics, and personal goals are all tied to the life you’ve built over decades. But it’s also a time when people begin to reflect on their future and what truly makes them happy.
If you’re asking this question, it’s important to consider a few key factors:
- Emotional Well-being: Are you feeling fulfilled in your marriage, or has the relationship become a source of stress and unhappiness? Many people in this stage of life choose divorce to prioritize their mental health and seek a fresh start.
- Financial Independence: While divorce can mean changes to your financial lifestyle, it can also bring newfound control over your money. For some, the ability to manage their own finances outweighs the challenges of living on a single income.
- Your Vision for the Future: Imagine your life in five, ten, or twenty years. Do you see yourself happy and thriving within your current marriage, or do you envision a different path?
Ultimately, whether divorce is “worth it” depends on your individual needs and goals. Taking the time to reflect, seek support, and consult a divorce attorney can help you find clarity.
Contact a New Jersey Divorce Lawyer Today
The New Jersey divorce lawyers at Williams Law Group, LLC understand the challenges of this life transition.
Our team will guide you through every step of the process, from understanding your financial situation to negotiating a settlement that protects your future. With personalized advice and dedicated support, we’ll help you move forward with confidence.
If you’re ready to take the first step, contact us online or call today to schedule a confidential consultation. We’re here to help you explore your options and create a plan for your next chapter.
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