A gray divorce is one in which a couple over the age of 50 decides to terminate their marriage. Gray divorces are different from divorces with other age groups, as couples over the age of 50 may have to deal with unique issues. With this, you may be wondering if alimony is included in the settlement agreement. Continue reading to learn how alimony works in a gray divorce and how one of the experienced Hudson County alimony attorneys at Greenberg & Walden, LLC can help you understand this situation.
How is alimony awarded in gray divorce?
More often than not, a New Jersey family judge will order open durational alimony for a gray couple. Say, for instance, that you have been married to your spouse for 20 or more years. And during these decades together, you may become financially dependent on them because you stopped working to carry out domestic duties or otherwise. In this case, a judge will grant you open durational alimony so that you can continue to receive financial support from your spouse for an indeterminate period of time.
It is important to note that though this alimony will last indefinitely, it will not last permanently. This is because New Jersey law no longer allows for permanent alimony to be awarded. Meaning, the alimony payments you receive will be terminated once you become financially independent or once you no longer require them under the eyes of a judge. An example of this is if you have reached full retirement age and you have begun to receive Social Security benefits. Or, you may have been granted an unexpected gift or inheritance, you may have been willing and able to return to the workforce, or otherwise.
What other alimony considerations need to be made?
Though it is common for a judge to decide upon open durational alimony for a gray divorce, the dollar amount per payment varies by each couple. That is, a judge will have to look into the following factors to make an appropriate calculation:
- The inheritances that you and your spouse have received or anticipate to receive.
- The marital property and separate property of you and your spouse.
- Whether you share a life insurance policy with your spouse.
- Whether you will be collecting Social Security benefits from your spouse’s earnings.
- Whether you will be collecting pension plan and retirement account funds from your spouse’s earnings.
- Whether you and your spouse have children that are still financially dependent on you.
With all that being said, you need to vouch for an alimony payment plan that will work best in the later stages of your life. So for help in doing so, do not hesitate in reaching out to one of the skilled Hudson County family law attorneys today.