If you are facing what is known as a gray divorce, it is important to understand what to expect and how a divorce later in life may differ from a typical divorce. To learn more about gray divorce, continue reading and reach out to our experienced New York divorce attorney.
What is gray divorce?
Gray divorce is a term that refers to couples over the age of 50 who are divorcing later in life after having a lengthy marriage. This term refers to the frequency of divorce for couples in this age group that has increased over recent years. Plus, couples over the age of 50 may deal with certain issues that other couples may not have.
What issues may arise in a gray divorce?
There are many issues that may arise during a gray divorce including the following:
- Whether or not a new life insurance policy is needed
- Dividing pension plans or other retirement accounts
- Establishing whether inheritances can be divided
- Alimony negotiations when one spouse is collecting social security from the other’s earnings
- Determining marital property vs. separate property
- Whether or not they are required to pay for their children’s college education through child support
- Determining alimony duration and amount
Why is mediation beneficial in a gray divorce?
Many couples will turn to mediation when facing a divorce later in life. Mediation has many benefits in a gray divorce due to the following factors:
- Divorces can be expensive: It is common for spouses in a gray divorce to be retired or planning to retire. They will not want to spend their retirement funds on litigation. By utilizing mediation, they will be able to explore divorce in a more economical route.
- Divorces can take a long time: Divorce can take years to complete. Couples who are facing divorce later in life may not want to spend their time divorcing through litigation. Mediation can be a much quicker process.
- Divorce is stressful: Individuals at this age may be facing other pressing issues such as medical issues, their jobs, caring for elderly parents, supporting their children, etc. Instead of adding to the stress of litigation, mediation can be a more peaceful process.
If you are facing a divorce later in life, it is important to reach out to an experienced attorney who is prepared to take on a case such as yours. Our team of attorneys is here to advocate for you and walk you through the process.
CONTACT OUR EXPERIENCED NEW YORK FIRM
Barrows Levy PLLC is a highly experienced New York law firm focused on providing quality legal services to clients in New York City and Long Island. If you need a Nassau County lawyer who has significant experience handling family and estate planning matters, we are ready to help. Contact Barrows Levy PLLC to schedule a consultation with one of our experienced attorneys today.
