What to Know About Gray Divorces in New Jersey
Every couple is different. As a result, there are different types of divorces. A gray divorce is a divorce that occurs between couples over the age of 50. These divorces have a specific name because the frequency of divorce for couples in this age group has greatly increased in recent years. Because these couples are over 50, they may have to deal with certain issues that other couples may not have to face. For example, some parties will be ordered to pay open durational alimony. Additionally, many of these couples will not have to worry about child custody or child support. Read on to learn more about gray divorces in New Jersey.
Is Mediation Beneficial During a Gray Divorce?
When couples go through a gray divorce, many of them choose to go through the process of mediation. This is because:
- 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 attempt to protect their retirement funds by utilizing mediation. Mediation is generally a faster, more economical process.
- Divorces take time. A divorce can take years and couples at these ages may not want to spend their time divorcing through litigation. Mediation can be a much quicker process.
- Divorce is stressful. At this age, individuals may be facing other pressing issues such as medical issues, their jobs, caring for elderly parents, supporting their children, etc. Mediation can be a more peaceful process that can reduce some of the stress of the situation.
It is important to note that while mediation can be a good option, it does not work for everyone. Reach out to an attorney to discuss your options.
What Issues are Addressed During a Gray Divorce?
Gray divorces may deal with certain issues that other types of divorces do not. Some issues that may come up in a gray divorce include:
- Determining alimony duration, frequency, and amount
- Determining marital property vs. separate property
- Establishing whether 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
If you are getting divorced in New Jersey, our firm is here to help. We will advocate for you every step of the way. Reach out today to speak with an experienced divorce attorney.
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If you need an experienced legal team to guide you through your divorce, contact Townsend, Tomaio & Newmark L.L.C today.