Most people in New Jersey know someone who has gotten divorced and struggled to get back on their feet financially. Some people have an easier time doing this than others and there may be many factors that contribute to this. One of these factors may be age. Gray divorce, the term used to describe a divorce when the couple is in their 50s or later, can be especially hard on people financially as they have fewer years left to recoup any losses as they will not work as long as someone in their 30s or 40s.
People in New Jersey who are getting divorced or who are contemplating a divorce may understandably worry about their financial futures. The process of splitting a marital estate can leave both spouses with less money for retirement as well as less money on which to live every month, even though New Jersey is not a community property state.