What Constitutes a Gray Divorce in New Jersey? | What to Know
There are many kinds of divorces. One that has become more common is a gray divorce, which is used for couples over the age of 50. Do not hesitate to reach out to our attorneys today to discuss your case with our skilled legal team.
What is a gray divorce in New Jersey?
A gray divorce is a divorce that happens with couples over the age of 50. Because this type of divorce has increased in recent years, these divorces are given a specific name. Gray divorces are distinguishable from other kinds of divorce because couples over 50 may have to deal with certain issues that other couples will unlikely have to face. For instance, some couples may be ordered to pay open durational alimony. Furthermore, most of these couples will not have to worry about child custody or child support.
What are common issues that are addressed in a gray divorce?
Because gray divorces occur during the later stages in a couple’s life, there are several issues that are addressed in these types of divorces. As previously stated, gray divorces typically deal with issues that other kinds of divorces do not. Some of the most common issues that come up in a gray divorce in New Jersey include, and are not limited to:
- Establishing whether inheritances can be divided
- Alimony negotiations when one spouse is collecting social security off of the other’s earnings
- Determining alimony duration, frequency, and amount
- Determining marital property vs. separate property
- 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
What is the benefit of mediation during a gray divorce?
When couples go through a gray divorce, many of them choose to go through the process of mediation for many different reasons. The first is because divorces are known to take time. A divorce can take years and couples at these ages may not want to spend their time divorcing through litigation. Mediation can is typically a faster process. Another reason is that divorces can be stressful and at an older age, individuals may be facing other stressful issues such as medical concerns, 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 circumstances. Finally, 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.
If you have questions about mediations for a gray divorce, do not hesitate to reach out to Townsend, Tomaio & Newmark today to discuss the specifics of your case and your options.
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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.