If you are facing a divorce later in life, it is important to understand what the expect. Continue reading to learn more about gray divorce and how our legal team can assist you.
What is a gray divorce?
Gray divorce refers to the demographic trend of an increasing divorce rate for older couples who have been married for a long period of time.
How can mediation help a gray divorce?
There are many benefits of using mediation for spouses who are going through a divorce later in life. If you and your spouse can relate the following circumstances, it may be best to seek mediation when facing a gray divorce:
- They do not want any more stress in their life: Spouses who are facing divorce at an older age may be facing other difficulties such as supporting aging loved ones or supporting adult children. Mediation can offer a more peaceful process.
- They are looking to save money: Divorces can be expensive. Spouses who are going through a divorce at a later age may either be retired or planning to retire. They may want to protect their funds for retirement by seeking mediation instead of spending money on a litigated divorce.
- They are not looking to waste time: Divorces can take a large chunk of time to come to a resolution. 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?
Gray divorce may come with its own set of issues including the following obstacles:
- 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
- Determining marital property vs. separate property
- Whether or not a new life insurance policy is needed
- Determining alimony duration and amount
If you are facing a divorce later in life, it is important that you retain the services of our experienced New Jersey divorce attorney who will be able to walk you through the legal process ahead. Our legal team is prepared to fight for the best possible outcome for your divorce, so you can move forward into this new chapter in life knowing your legal matters are in good hands. Give our firm a call today to schedule your initial consultation with our attorney.
CONTACT OUR EXPERIENCED NEW JERSEY FIRM
If you require strong legal representation for matters of divorce and family law in Rumson, Monmouth County, or anywhere in New Jersey, contact The Law Offices of Paone, Zaleski & Murphy to schedule a consultation with one of our experienced attorneys today.