After sharing a long-lasting marriage with your spouse, it can be devastating to come to terms with the fact that a divorce would be in both of your best interests. Follow along to discover what is considered a gray divorce and how a proficient Suffolk County divorce attorney of the Law Offices of Susan A. Kassel, P.C., can help you work through the issues at hand.
What is considered a gray divorce in New York state?
Gray divorce is a term used to describe couples over the age of 50 who decide to get a divorce. This is a distinguishing term because couples over 50 oftentimes have to deal with different divorce issues from younger couples. For example, child custody and/or child support issues are likely not a component of a gray divorce.
What are common issues that arise in a gray divorce?
The following is a list of unique issues that a couple undergoing a gray divorce must address:
- You and your spouse must divide your pension plans or other retirement accounts.
- You and your spouse must decide whether a new life insurance policy is needed.
- You and your spouse must decide whether inheritances must be divided.
- You and your spouse must decide whether one is required to pay child support for your child’s college education.
- You and your spouse must settle your alimony duration, frequency, and amount if one is collecting social security off of the other’s earnings.
- You and your spouse must distinguish between marital property and separate property.
What are the benefits of choosing mediation for a gray divorce?
In addition, there are benefits to choosing mediation over litigation when going through a divorce. However, this is especially the case with a gray divorce. Such benefits include the following:
- It is cost-effective: Couples over 50 may be retiring soon or already retired. To protect your retirement fund, you may not want to spend a lot of money on your divorce. Mediation costs much less than litigation.
- It is time-effective: Couples over 50 may not want to spend years in a heated courtroom setting. With mediation, resolutions can be reached must faster.
- It is less pressure: Couples over 50 may have specific difficulties and stressors, such as a difficult job, college tuition bills, caring for aging parents, continuing to support children, medical issues, etc. You may not want to add a complex divorce to the mix. With mediation, it will be a much calmer process.
If you believe that you may undergo a gray divorce in the near future, you must employ a talented Suffolk County divorce & separation attorney as soon as you can.
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If you need strong legal representation regarding matters of divorce, family law, and estate law, contact the Law Offices of Susan A. Kassel, P.C. to schedule a consultation today.