Divorce is devastating in any event. But this is especially the case if you come to this conclusion after a long-term marriage with your spouse. Continue reading to understand more about gray divorce and how an experienced Somerset County divorce attorney at Siragusa Law Firm can support you throughout this difficult time.
How is a gray divorce defined in the state of New Jersey?
Gray divorce is defined as a divorce between spouses who are over the age of 50. This term points to the recent increased rate of divorce within this demographic in the state of New Jersey.
How is a gray divorce different from a standard divorce?
A gray divorce is different than a typical divorce because couples over the age of 50 tend to deal with different divorce issues than younger couples. For example, older couples likely do not have to negotiate a child custody agreement. Instead, they would have to address the following unique issues:
- You and your spouse must decide how to divide your pension plans and/or other retirement accounts.
- You and your spouse must decide if you need to establish a new life insurance policy.
- You and your spouse must decide if you need to divide your inheritance plans.
- You and your spouse must decide if one needs to pay child support for your child’s college education.
- You and your spouse must decide on the duration, frequency, and amount of alimony if one is collecting social security off of the other’s earnings.
- You and your spouse must decide which assets are marital property vs. separate property.
Are there benefits to choosing mediation over litigation for a gray divorce?
Just like a standard divorce, mediation seems to be the preferred divorce method over litigation for a gray divorce. The unique ways in which mediation can benefit a gray divorce read as follows:
- It is cost-effective: Couples over 50 may want to retire soon or already be retired. With mediation, you can protect your retirement fund and pay close to nothing to get divorced. This is in stark contrast to the legal fees that pile up during litigation.
- It is efficient: Couples over 50 may not want to spend years in a tense courtroom setting. With mediation, you are not at the mercy of the court, so resolutions can be reached on your timeline.
- It is less pressure: Couples over 50 may have unique stressors, such as a difficult job, your child’s college tuition, caring for your aging parents, your medical issues, etc. You may not want to add a complex litigated divorce to this list. With mediation, it will be a much more amicable process.
That said, you must retain the services of a skilled Somerset County family law attorney who will work in your best interest throughout your gray divorce. Call our firm today.
Contact our Firm
If you need legal representation for a matter of Family Law, Supplemental Security Income, Medical Malpractice, Social Security Disability, or Legal Malpractice, contact Siragusa Law Firm today.