When people experience a divorce at an older age, it is known as a “gray divorce.” Originally, the nickname came from the idea that anyone married for 40 years or more is an older person who is starting to gray. These days, the term is more commonly used for couples in their 50s or 60s, the generation of baby boomers. 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?
When going through a gray divorce at an older age, many spouses can benefit from doing so through mediation. This may be in the event that the couple:
- Does not want to waste a lot of money. Spouses divorcing after a long-term marriage at a later age may either be retired or planning to be soon. It is because of this that they may not want to spend much money on their divorce so that they can protect their retirement fund. Mediation is a less costly option than a litigated divorce.
- Does not want to waste a lot of time on the proceedings. In some cases, divorces can take years. When a couple is older, they usually do not want to spend a great deal of time working through the details. Mediation allows for a quicker process.
- Does not want to add any more stress to their life. At that age in a person’s life, they can be facing other challenges such as a demanding job, medical issues, caring for aging parents, continuing to support children, etc. The last thing they would want at this stage is a complicated divorce. Mediation allows for a more peaceful process.
Important Gray Divorce Issues to be Aware Of
The longer a marriage, the more difficult the process of untangling two lives can be. The following are important issues to be aware of during a gray divorce:
- 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 of divorce and family law in New Jersey, contact The Law Offices of Paone, Zaleski & Murphy to schedule a consultation with one of our experienced attorneys today.