Divorce at a later age is happening with more frequency in New Jersey these days. And, by this time in your life, you may have acquired expensive properties and have a high net worth. If you are one of the many about to experience a “gray divorce,” you may be wondering how that affects the assets you have accumulated.
Gray divorces often come with different considerations than those that involve younger couples. Divorce in your earlier years often comes with child custody agreements, mortgages and matters such as earning potential. According to Forbes, when people in the latter half of life divorce, future earnings may no longer be an issue, but the asset pool that needs to be dealt with may be much greater.
For high net worth divorcing couples, in addition to your marital home, you may have many acquisitions to consider, such as:
- Vacation properties or multiple homes
- Retirement accounts
Some couples are able to easily separate their assets in a way that would be pleasing to both spouses. However, in the absence of a controlling prenuptial agreement, when it comes to something such as the marital home there are decisions you and your spouse need to make. Each party might want to keep the home and this can become a big issue. Sometimes, one of you may wish to buy the other out, or you might decide to sell the home and divide the proceeds. Keep in mind that there may be tax implications that affect your decision.
This information is here for informational purposes only and should not be taken as legal advice.