A gray divorce is different than a standard divorce because couples will likely deal with unique issues. For more information, continue reading to learn how one of the experienced Hudson County family law attorneys at Greenberg & Walden, LLC, can help you navigate through these issues.
What is considered a gray divorce in the state of New Jersey?
Put simply, a gray divorce is a divorce between spouses who are over the age of 50. In the state of New Jersey, there has been a recent surge in divorce rates within this age demographic.
What are the most common issues that are addressed in a gray divorce?
As previously stated, an older couple undergoing a gray divorce will likely deal with issues that other younger couples do not. For instance, older couples likely do not have to worry about reaching a child custody agreement. They will, however, have to address the following issues:
- You and your spouse must resolve how to divide your pension plans and other retirement accounts.
- You and your spouse must resolve whether a new life insurance policy is required.
- You and your spouse must resolve whether inheritance plans can be divided.
- You and your spouse must resolve if one must pay child support for your child’s college education.
- You and your spouse must resolve alimony duration, frequency, and amount.
- You and your spouse must resolve alimony if one is collecting social security from the other’s earnings.
- You and your spouse must resolve which properties are marital property vs. separate property.
What are the benefits of mediation for a gray divorce?
If you and your spouse can relate to any of the following situations, then it may benefit you to explore the option of mediation:
- You and your spouse need to save money: divorce through litigation can be pricey, with the legal fees and everything else that comes with it. If you and your spouse are entering retirement or are already retired, you likely do not want to waste your retirement savings on litigation. Instead, you may want to protect your savings with mediation.
- You and your spouse do not want a stressful process: if you and your spouse are still supporting your adult children, caring for your aging parents, etc., you likely do not want to add another headache to your life with litigation. Especially if you are amicable, you may want to have a more peaceful process with litigation.
- You and your spouse do not want to waste your time: since you are at the mercy of the court, divorce through litigation can take several years to play out. If you want to work on a quicker timeframe, then mediation is best.
Nonetheless, we recommend that you contact a skilled attorney at our boutique New Jersey law firm located in West New York today.
Contact our Firm
If you need assistance with any family law issue, contact Greenberg & Walden, LLC today.