A divorce can occur at any point in a marriage. Some couples get divorced soon after they exchange vows while others get divorced far down the line, or somewhere in between. When couples who have been married for decades decide to get divorced, there are some specific matters they may need to address. A divorce at this point in a marriage is known as a gray divorce. Read on to learn more.
What Matters May be Addressed During a Gray Divorce?
The longer you have been together, the more difficult it can be to separate your assets. During a gray divorce, you may need to address the following:
- 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
What is the Best Way to Address These Matters?
When it comes to a gray divorce, many couples choose to go through the process of mediation. This is because:
- Spouses do not want to waste money. Divorces can be expensive and spouses who divorce at a later age may already be retired or planning to retire. As a result, they may be looking to protect their savings. Often, mediation is a less costly option.
- Spouses do not want to waste a lot of time. Divorce proceedings can take years. Older couples generally do not want to spend these years of their lives in court. For the most part, mediation is a quicker process than litigation.
- Spouses do not want any more stress in their life. At this age, they may be facing other difficulties in life, such as medical issues, their jobs, caring for elderly parents, supporting their children, etc. The last thing they may want is to go through a complicated divorce. Generally, mediation allows for a more peaceful process.
If you have any questions or concerns about gray divorces, our firm is here to help. Reach out today to speak with an experienced divorce attorney.
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.
