If you are facing a divorce later in life, you may be facing what is known as a “gray divorce”. To learn more about gray divorce and what to expect, continue reading.
What is a gray divorce?
Gray divorce refers to spouses who are seeking divorce later in life who have been married for a long period of time.
Why might spouses facing a gray divorce seek mediation?
There are many benefits of mediation, especially for spouses who are looking for a quick and less stressful alternative to litigation. If you and your spouse can relate the following statements, mediation may be a good option to explore:
- You do not want a stressful process: Couples who are older may already have a lot of stresses in life regarding caring for aging family members, planning for retirement, and more. These spouses will want to explore a divorce option that can be as stress-free as possible. Mediation can offer a more peaceful process.
- You need to save: Divorce can be expensive. Spouses who are divorcing after a long marriage may be entering retirement and will certainly not want to spend their retirement funds on litigation. Instead, they may want to protect their funds for retirement by seeking mediation.
- You do not want to waste time: Some divorces can take years to complete. Couples who are divorcing later in life will likely not want to spend their time in court. Mediation can offer a quicker resolution than litigation.
What are the most common gray divorce issues?
Getting a divorce after many years later in life comes with its own obstacles. The following issues may arise in gray divorce:
- Establishing if inheritances can be divided
- Dividing pension plans or other retirement accounts
- Alimony negotiations when one spouse is collecting social security from the other’s earnings
- Determining marital property vs. separate property
- Whether or not a new life insurance policy is needed
- Determining alimony duration and amount
- Whether or not they are required to pay for their children’s college education through child support
If you are facing what is known as a gray divorce and require the assistance of a divorce attorney, do not hesitate to reach out to our knowledgeable team at Ross and Calandrill, LLC. Our legal team is experienced in handling divorce just like yours. To learn more about our services and how we can assist you, give our firm a call today to schedule your initial consultation.
Contact our Firm
Ross and Calandrillo, LLC is a full-service divorce, family, and real estate law firm located in Mountainside, New Jersey. For strong legal representation in all of your divorce or family law matters, contact Ross and Calandrillo, LLC to schedule a consultation.