What Gray Divorce Issues Should I Be Aware Of?

Regardless of how long you and your spouse have been married, coming to the decision that you want a divorce is devastating. Follow along to understand what issues you need to address during a gray divorce and how one of the proficient New Jersey divorce attorneys at Haber Silver Simpson & Russoniello can serve as a mediator during this process.

How is a gray divorce defined in the state of New Jersey?

Essentially, gray divorce is a divorce between spouses who are over the age of 50. This term describes the surprising, recent trend of increased divorce rates for older couples who have been married for a long time in the state of New Jersey.

What issues should I be aware of in a gray divorce?

Every couple undergoing a divorce deals with its unique set of issues. But common agreements that must be settled in a gray divorce include, but are not limited to, the following:

  • You and your spouse must determine how to divide your pension plans and/or other retirement accounts.
  • You and your spouse must decide whether a new life insurance policy is needed.
  • You and your spouse must determine if inheritance plans need to be divided.
  • You and your spouse must determine child support if your child is receiving a college education.
  • You and your spouse must decide on alimony (i.e., the duration and amount) if one is collecting social security from the other’s earnings.
  • You and your spouse must determine which assets are marital property and which are separate property.

How can mediation be beneficial for a gray divorce?

Across the board, mediation is commonly referred to as the favorable divorce method. But this is especially the case for spouses who are still amicable and undergoing a gray divorce. So, if you and your spouse can relate to any of the following situations, then you may want to explore the option of mediation:

  • You and your spouse need to save money: divorce through litigation can get quite expensive, with the legal expenses and all. If you and your spouse are entering retirement or already retired, you likely do not want to waste your savings on litigation. Instead, you may want to protect your funds with mediation.
  • You and your spouse do not want a stressful process: if you and your spouse are still supporting your adult children, caring for your aging parents, handling personal medical conditions, or otherwise, you likely do not want to add another stressor to your life with litigation. Instead, you may want to have a more peaceful process with litigation.
  • You and your spouse do not want to waste your time: being at the mercy of the court, divorce through litigation can take years to complete. If you want to resolve your issues on your own timeline, then mediation is probably the better choice.

For more advice, contact a talented attorney at our Morris County divorce & separation law firm today.

Contact our experienced New Jersey firm

If you require strong legal representation for divorce or family law matters, contact Haber Silver Simpson & Russoniello today to schedule a consultation.