What is a gray divorce in New York?
Gray divorce refers to couples over the age of 50 who are going through a divorce. Gray divorces are different 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 required 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 gray divorce?
This type of divorce requires several issues to be addressed. 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 York include the following:
- 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
- Establishing whether inheritances can be divided
- Alimony negotiations when one spouse is collecting social security off of the other’s earnings
What is the benefit of mediation during a gray divorce?
There are multiple benefits to choosing mediation over litigation when going through a gray divorce. They include the following:
- The couple does not want to waste a lot of money on the divorce. Couples going through a divorce after years of marriage are most likely in their 50’s or 60’s, insinuating that they plan on retiring soon. Because of this, they may not want to spend a lot of money on their divorce in order to protect their retirement fund. Mediation costs much less than mediation.
- They do not want to waste a lot of time on the divorce. Divorces can take years to settle. Older couples usually do not want to spend their time dealing with an in a heated courtroom. If they opt for mediation, resolutions can be reached must faster and more efficiently.
- They do not want to add any more pressure to their life. Those of an older age may have specific difficulties and stressors. This can refer to a difficult job, college tuition bills, caring for aging parents, continuing to support children, medical issues, etc. A complex divorce is typically what an older couple will not want to be added into their life. With mediation, it will be a much calmer process.
CONTACT OUR FIRM
Matters of divorce and family law should be navigated with the guidance of an experienced attorney. 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.