To learn more about gray divorce in New Jersey, continue reading and give our skilled Sussex County, Sparta divorce and separation attorney a call today. We are on your side.
What is a gray divorce in New Jersey?
A gray divorce is used to refer to couples over the age of 50 who are going through a divorce. Gray divorces are different from other types of divorce because couples over 50 may have to deal with certain concerns that other couples will likely not have to face. For example, 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 typical issues that are handled in gray divorce?
Gray divorces generally have several issues that are acknowledged. As previously stated, gray divorces usually deal with issues that other types of divorces do not. The most typical types of issues that come up with gray divorces in New Jersey include, and are not limited to, the following:
- Deciding marital property vs. separate property
- Deciding alimony duration, frequency, and amount
- Whether or not a new life insurance policy is needed
- Specifying whether inheritances can be divided
- Alimony negotiations are 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 are the advantages of mediation during a gray divorce?
There are a number of different benefits to choosing to go with mediation over litigation in a gray divorce. The advantages include the following:
- They do not want to add any more strain to their life. Those who are older may have more stressors in their life. This may be because that individual has a challenging job, college tuition bills, caring for aging parents, continuing to support children, medical issues, etc. A difficult divorce is typically the last thing they need to add stress to their life. Mediation is known to be a much more relaxed process.
- The couple does not want to spend a lot of money on the divorce. Spouses who are divorcing after a long-term marriage are most likely in their 50s or 60s, implying that they plan on retiring soon. Because of this, they may not want to spend much money on their divorce in order to protect their retirement fund. Mediation 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 resolve. Older couples usually do not choose to spend their time in a courtroom. By choosing mediation, resolutions can be achieved must faster and more efficiently.
Contact Our New Jersey Firm
If you are getting a divorce or have any other questions regarding divorce-related matters, please do not hesitate to contact Paris P. Eliades Law Firm, LLC for a consultation today.