What critical issues do those seeking a gray divorce face when it comes to alimony?
Divorces are difficult and overwhelming regardless of how old you are and how long you’ve been married. However, older couples seeking a divorce face certain critical issues that younger couples are not confronted with. Gray divorces can have several nuances that many couples underestimate. For starters, many older couples underestimate the impact of alimony in a gray divorce. Please continue to follow along to learn about the impact alimony can have in a gray divorce and how a trusted Long Island Divorce Attorney can help you today.
What is a gray divorce?
When a divorce involves individuals who are 50 years of age or older, it is referred to as gray divorce. Typically older individuals from the Baby Boomer generation pursue gray divorces. The name “gray divorce” was coined because the “grey-haired” demographic had a significant increase in divorces while the overall rate of divorces in the U.S. was decreasing. Gray divorces often involve long-lasting marriages. Gray divorces have become increasingly popular as divorce has become more socially acceptable in today’s society.
What should I know about the impact of alimony in this type of divorce?
If you are seeking a gray divorce, it is imperative not to underestimate the impact of alimony. When a couple seeks any type of divorce, a spouse can request that the other party pay alimony to provide them with financial support. Alimony works differently in gray divorces and can have a significant impact on both parties’ financial stability. When an individual reaches a certain age, they often retire from their occupation as they have retirement benefits and savings they can rely on. Typically, young couples who are awarded alimony receive maintenance until they can find a job. However, those seeking a gray divorce often do not plan to go back to work as a result of their age. The court does not expect an older individual to go back to work when determining whether they should grant a spouse alimony. With that being said, a spouse may wind up paying alimony for the rest of their life as both parties rely on the same income and retirement benefits. In addition, a judge can deny a spouse alimony if they find that the spouse requesting this type of spousal support does not have an actual need for financial support. It is also important to note that the court will sometimes split a spouse’s retirement benefits in half.
In the unfortunate event that you are seeking a gray divorce, please don’t hesitate to reach out to one of our determined and dedicated team members. With years of experience, our adept lawyers can help you request alimony to protect your financial security in a divorce. Our qualified attorneys are committed to helping their clients terminate their marriages regardless of their age.