What You Should Know About Gray Divorce in New York
If you are going through a gray divorce, you are not alone. Contact our firm today to speak with one of our dedicated New York divorce attorneys to discuss the specifics of your case and your options.
What is a gray divorce in New York?
A gray divorce occurs with couples over the age of 50. This type of divorce has its own name because, in recent years, it has become more and more common. Gray divorces are distinct from other kinds of divorce because couples over 50 may have to deal with certain issues that other couples will unlikely have to face. For instance, some couples may be ordered to pay open durational alimony. Furthermore, most of these couples will not have to worry about child custody or child support.
What are common issues that are addressed in a gray divorce?
There are several issues to be addressed with these types of divorces. As previously stated, gray divorces typically deal with issues that other kinds of divorces do not. Some of the most common issues that come up in a gray divorce in New Jersey include the following:
- 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
- Determining alimony duration, frequency, and amount
- Determining marital property vs. separate property
- Whether or not a new life insurance policy is needed
What is the benefit of mediation during a gray divorce?
There are many advantages to choosing mediation when going through a gray divorce. These benefits include, and are not limited to, the following:
- 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, which means they are likely planning to retire if they are not already retired. As a result, they may not want to spend much money on their divorce in order to protect their retirement fund. Mediation is less costly than a litigated divorce.
- They do not want to waste a lot of time on the divorce. Divorces take years to settle. Older couples tend to not want to spend a great deal of their time battling divorce matters in a courtroom. Alternatively, mediation can speed up this process to find resolutions faster.
- They do not want to add any more pressure to their life. This age in a person’s life can bring certain difficulties and distress. This may be a demanding job, college tuition bills, caring for aging parents, continuing to support children, medical issues, etc. A complex divorce can be the last thing they need to add stress to their life. Mediation is known to be a much more peaceful process.
Contact our experienced Nassau County firm
The Pollack Law Firm, P.C., rated Nassau County’s “BEST” divorce lawyers and proudly serving clients in Nassau and Suffolk County for more than 22 years, is always available to assist and represent parties in divorce, separation, and all other matrimonial and family law matters. Contact us online or call today to schedule your complimentary case analysis: (516) 938-3330.