Many New Jersey couples are in the enviable position of having amassed a substantial number of assets by the time they reach their senior years. Perhaps in addition to your primary residence you have a house down the Shore with a boat. Or, maybe you are lucky enough to have a pied-a-terre in Manhattan. But what happens when either you or your spouse decides that it is time to end the marriage in terms of dividing your assets in a grey divorce?
According to Forbes, there are certain things that older couples need to pay special attention to when divorcing at this stage after being with the same partner for so long. In addition to dealing with the emotional separation from the memories of your long-term life, you need to be prepared to handle the division of financial assets, which may be more complicated than you think.
First, in the absence of a prenuptial agreement, you and your spouse need to figure out how best to handle separating your properties and possessions. The marital home may be the biggest obstacle, especially because one or both parties may have sentimental attachment to it. This is especially true when it has become the hub for family celebrations with children and grandchildren.
Sentimental attachment may extend to artwork that you have carefully selected and purchased during the duration of your marriage. Less emotional but perhaps more valuable may be retirement accounts, which can have tax implications, and other financial investments that need to be dealt with.
This information is here for educational purposes only and is not to be interpreted as legal advice.