Gray Divorce in New York | What You Need to Know
The term “gray divorce” refers to couples who decide to get divorced after being married for decades. There is a certain term for this type of divorce because these couples may need to address different matters. For example, they may need to deal with things like open durational alimony. On the other hand, they may not have to determine matters of child custody, as couples who have been married for this long tend to have children who are financially independent. Read on to learn more about gray divorces in New York.
Why are Couples Turning toward Mediation?
Mediation involves a neutral third party helping the couple address the matters of their divorce outside of the court. When it comes to a gray divorce, the majority of couples will choose to go through the process of mediation. This is because:
- Litigation can be expensive. Spouses at this age may be planning for retirement or already retired. Instead of spending money on litigation, they may want to protect their retirement funds by utilizing the more economical option.
- Divorces can take time. Divorces can take years and spouses at these ages may not want to spend these years in litigation. Often, mediation allows for a quicker process.
- The couple does not want more stress in their life. They may be facing other complexities in life, such as medical issues, a job, caring for elderly parents, supporting children, etc. In many cases, mediation can be a less stressful option.
What are Important Gray Divorce Issues to be Aware Of?
Some of the issues that may come up during a gray divorce include:
- Determining alimony duration and amount
- Determining marital property vs. separate property
- Establishing if inheritances can be divided
- Alimony negotiations when one spouse is collecting social security off the other’s earnings
- Whether or not a new life insurance policy is needed
- Dividing pension plans or other retirement accounts
- Whether or not they are required to pay for their children’s college education through child support
If you are getting divorced in New York, our firm is here to help. Reach out today to speak with an experienced and dedicated divorce attorney.
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