What Is a Gray Divorce in New Jersey?
A gray divorce is used for couples over the age of 50. To learn more, continue reading and give our skilled Morris County NJ divorce attorneys.
How does New Jersey define a gray divorce?
A gray divorce is a divorce that happens with couples over the age of 50. Because this kind of divorce has grown in recent years, these divorces are assigned a distinct name. Gray divorces are different from other kinds of divorce because couples over 50 may have to deal with specific issues that other couples will unlikely have to face. For example, some couples may be requested to pay open durational alimony. Also, most of these couples will not have to stress about child custody or child support.
What issues are typically addressed in a gray divorce?
Because gray divorces happen during the later stages in a couple’s life, most issues are handled in these types of divorces. As previously said, gray divorces usually 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 the following:
- Alimony negotiations are when one spouse is collecting social security off of the other’s earnings
- Establishing whether inheritances can be divided
- 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
Is mediation the best tool during a gray divorce?
Many couples going through a gray divorce will choose to go through the process of mediation for a number of 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 is generally 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 gentle process that can relieve some of the stress of the situation. Finally, divorces can be costly. Spouses at a later age may either be retired or planning to retire soon. Instead of spending money on litigation, they may try to protect their retirement funds by utilizing mediation. Mediation is usually a faster, more economical process.
If you have questions about mediations for a gray divorce, it is in your best interest to reach out to Townsend, Tomaio & Newmark today to discuss the details 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.