What Should I Know About Gray Divorces in New Jersey?
People can experience divorce at any age, even after being married for over 40 years. Cases such as these became known as “gray divorces.” Originally, the term came from the idea that anyone married for this long must be starting to gray. However, it is more commonly used now for divorces of spouses in their 50s and 60s. Continue reading below to learn more and contact an experienced New Jersey divorce attorney for help with your case.
How Can Mediation Help a Gray Divorce?
Spouses who go through a divorce at an older age can benefit from using mediation to settle their marital issues. This may be better for them in the event that:
- They do not want to waste money. Divorces can be expensive. Spouses at a later age may either be retired or planning to retire soon. Instead of spending money on litigation, they may want to protect their retirement funds by utilizing mediation.
- They do not want to waste time. Divorces can take years and couples at these ages may not want to spend their time divorcing through litigation. Mediation can be a quicker process.
- They do not want any more stress in their life. At this age, individuals may be facing other pressing issues such as medical issues, their job, caring for elderly parents, supporting their children, etc. Mediation can be a more peaceful process that does not add further stress in their life.
What are Important Gray Divorce Issues to be Aware Of?
There are many issues that can be presented during a gray divorce, such as the following:
- Determining alimony duration and amount
- Determining marital property vs. separate property
- Establishing if inheritances can be divided
- Alimony negotiations when one spouse is collecting social security off the other’s earnings
- Whether or not a new life insurance policy is needed
- Dividing pension plans or other retirement accounts
- Whether or not they are required to pay for their children’s college education through child support
Contact our Firm
If you need an experienced legal team to guide you through your divorce, contact Townsend, Tomaio & Newmark L.L.C today.