If you and your spouse are seeking a divorce later in life after many years together, you may be facing what is known as gray divorce. To learn more about gray divorce, continue reading and reach out to our experienced divorce attorney.
What is a gray divorce?
Gray divorce is a term used to describe the trend of increasing divorce rates for older couples who have been married for a long time.
How can mediation help a gray divorce?
Mediation can benefit spouses who are facing a gray divorce in many ways. If you and your spouse can relate the following statements, mediation may be a good option to explore:
- They need to save: Divorce can be pricey. Spouses who are divorcing after a long marriage may be entering retirement. The last thing these spouses will want to spend their retirement funds on is litigation. Instead, they may want to protect their funds for retirement by seeking mediation.
- They do not want a stressful process: Spouses who are facing divorce later in life may have many stressful aspects to their life including supporting adult children and aging loved ones. These spouses will want to explore a divorce option that can be as stress-free as possible. Mediation can offer a more peaceful process.
- They do not want to waste time: Divorces can take years to complete. Couples at these ages may not want to spend their time in court. Mediation can offer a quicker resolution.
What gray divorce issues should I be aware of?
Getting a divorce later in life comes with its own obstacles. The following are the issues you should be aware of when facing a gray divorce:
- Determining marital property vs. separate property
- Whether or not a new life insurance policy is needed
- Determining alimony duration and amount
- Dividing pension plans or other retirement accounts
- Whether or not they are required to pay for their children’s college education through child support
- Establishing if inheritances can be divided
- Alimony negotiations when one spouse is collecting social security from the other’s earnings
If you are seeking a divorce later in life and require the assistance of an experienced divorce attorney, look no further than our experienced legal team at Haber Silver Simpson & Russoniello. Our firm understands the difficulties that may arise in a gray divorce. To learn more about our services and how we can assist you, give our firm a call today to schedule your initial consultation. We are prepared to take on your divorce today.
Contact our experienced New Jersey firm
If you require strong legal representation for matters related to divorce or family law, Haber Silver Simpson & Russoniello is here to help. We proudly represent clients in Morris County and throughout the state of New Jersey. Contact our firm today to schedule a consultation.