If you are going through a gray divorce, you will need a dedicated New Jersey divorce attorney on your side. Do not hesitate to reach out to our experienced firm today to discuss the specifics of your case and your options.
What is a gray divorce in New Jersey?
A gray divorce is a term used for couples over the age of 50 who are going through a divorce. Gray divorces are distinct from other kinds of divorce because couples over 50 may have to deal with specific concerns that other couples will probably not have to face. For instance, some couples may be asked to pay open durational alimony, and they will not have to worry about child custody or child support.
What are common issues that are addressed in gray divorce?
Gray divorces typically have a number of issues that are addressed. As stated earlier, gray divorces usually deal with issues that other types of divorces do not. The most common types of issues that come up with gray divorces in New Jersey include, and are not limited to, the following:
- Determining alimony duration, frequency, and amount
- Determining marital property vs. separate property
- Whether or not a new life insurance policy is needed
- Establishing whether inheritances can be divided
- Alimony negotiations when one spouse is collecting social security off of the other’s earnings
- Dividing pension plans or other retirement accounts
- Whether or not they are required to pay for their children’s college education through child support
What is the benefit of mediation during a gray divorce?
There are several advantages to deciding to go with mediation over litigation in a gray divorce. The benefits include the following:
- They do not want to add any more pressure to their life. Those who are older may have more stressors in their life. This may be because that individual has a demanding job, college tuition bills, caring for aging parents, continuing to support children, medical issues, etc. A difficult divorce is usually the last thing they need to add stress to their life. Mediation is known to be a much more calm process.
- The couple does not want to waste a lot of money on the divorce. Spouses who are divorcing after a long-term marriage are most likely in their 50’s or 60’s, suggesting that they plan on retiring soon. As a result, they may not want to spend much money on their divorce in order to protect their retirement fund. Mediation is costs less than a litigated divorce.
- They do not want to waste a lot of time on the divorce. Divorces can take a lot of time to settle. Older couples usually do prefer to spend their time in a courtroom. By choosing mediation, resolutions can be reached must faster and more efficiently.
Contact our Firm
We understand that those getting a divorce most likely have several questions regarding the weeks and months to come. Paris P. Eliades Law Firm, LLC is honored to serve the people of New Jersey, including Sparta, Sussex County, Morris County, Passaic County, and Bergen County with the quality legal services they deserve. If you are getting a divorce or have any other questions regarding divorce-related matters, please do not hesitate to contact our firm for a consultation today.