When people get divorced after decades of marriage, it is often referred to as a “gray divorce.” Originally, the term was coined based on the idea that anyone married for 40+ years must be starting to gray. However, overtime, it became more commonly known among divorcing couples in their 50s and 60s. Continue reading below to learn more and contact an experienced New Jersey divorce attorney for help with your case.
How Can Mediation Help a Gray Divorce?
Spouses who go through a divorce at an older age can benefit from using mediation to settle their marital issues. This may be better for them in the event of the following:Â
- They do not want to waste money. Divorces tend to be expensive and these spouses going through this at a later age may either be retired or planning to retire soon. Instead of spending money on a litigated divorce, they may want to protect their funds for retirement. Mediation can allow this.
- They do not want to waste time. Divorces can sometimes take years and couples at these ages may not want to spend their time in court. Mediation can be a quicker process.
- They do not want any more stress in their life. These individuals may be facing other difficulties in life and the last thing they may want is to go through a complicated divorce. Mediation can be a more peaceful process.
What are Important Gray Divorce Issues to be Aware Of?
During a gray divorce, there are many issues that can arise, including the following:Â
- Determining alimony duration and amount
- Determining marital property vs. separate property
- Establishing if 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
Contact our Firm
If you require strong legal representation for matters related to divorce or family law, Haber Silver Russoniello & Dunn 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.
