No matter your age, going through a divorce is a life-changing matter. Unfortunately, it is something that roughly 50% of all Americans go through in today’s day and age. That said, if you are over the age of 50 and are planning on getting divorced, you are going through what is known as a gray divorce. There are various potential considerations for those looking to go through such a divorce in New York State. Please continue reading and reach out to a seasoned divorce & separation attorney in Bohemia, NY to learn more about gray divorce in New York and how our legal team can help you through the process ahead.
What are some of the most important things to consider when going through a gray divorce in New York?
Gray divorce involves many of the same issues that other divorces involve, however, there are certain features of gray divorce that make it unique. To start, in many cases, couples in gray divorces no longer have to worry about child custody matters, as their children are often over the age of 18 or have already moved out of their homes. However, there are other aspects of gray divorce that can potentially make it more complex than divorces involving younger couples. Some of those are as follows:
- Intertwined assets: Typically, spouses over the age of 50 will have a great deal of assets saved up, and often, those assets are commingled. For example, unless a prenuptial agreement is in place, assets in jointly-held bank accounts will have to be divided in equitable distribution. Also, often, stock options, real estate properties, and more will all come into play.
- Retirement benefits: You may not realize it, but your pension may actually be subject to equitable distribution, meaning your spouse may be entitled to a portion of it, should you ever get divorced.
- Alimony issues: For many spouses, especially those who have not worked for a paycheck and instead raised children and took care of the house, receiving alimony is a critical part of financial independence after a divorce, especially if they are of the age of health where getting a paying job in the workforce is no longer a viable or practical option. For this reason, it is paramount that you hire a seasoned attorney to effectively fight for the spousal support agreement you need.
