Arons & Solomon Divorce Lawyers | November 17, 2023 | Divorce
The term “gray divorce” describes the separation of couples aged 50 and above. Divorce later in life can help each partner make the most out of the following seasons and provide a solid foundation for the next chapter in life.
Let’s review gray divorce in New Jersey, focusing on its unique challenges and considerations. Be sure to navigate this process with a divorce lawyer as you begin your new journey.
Defining “Gray Divorce” in New Jersey
A gray divorce refers to the dissolution of a marriage involving couples aged 50 or older. This categorization highlights distinct challenges and circumstances older couples may experience. Different sets of concerns reflect the specific needs of couples pursuing a gray divorce.
Common Issues Addressed in a Gray Divorce
Gray divorces in New Jersey involve various issues unique to couples in this age group. Some of the most common concerns addressed in a gray divorce include:
One spouse may collect social security benefits. These benefits may become entangled in the alimony equation. In such cases, social security benefits may factor in the alimony calculation.
Legal counsel experienced in gray divorce matters can guide individuals through this process. They can help the divorcees arrive at a fair and equitable alimony arrangement that considers the nuances of social security benefits and other factors.
Alimony Duration, Frequency, and Amount
Gray divorces often involve spouses who may have been married for several decades and are preparing for retirement. The financial interdependence built over this time can be substantial.
The goal is to ensure that the supported spouse has adequate financial support for the following life stages. Legal representatives for both parties will negotiate and clarify a comprehensive alimony arrangement.
Marital vs. Separate Property
Gray divorcees may have accumulated substantial assets throughout their marriage. In a divorce, assets must be differentiated. Those acquired during the marriage are part of marital property. Those acquired before the marriage or through inheritance are generally separate property.
Distinguishing between marital and separate property takes on particular significance in gray divorces. The division of assets can be complex. Legal counsel can ensure a fair and just distribution of property – one that respects the sanctity of assets while addressing both spouses’ needs.
Gray divorcees often need to evaluate whether new life insurance policies are necessary. This can help provide financial protection in the event of the paying spouse’s passing. Determining the appropriate amount and type of insurance requires special consideration. Each spouse’s financial circumstances, future needs, and potential sources of support are considered.
Gray divorce lawyers help determine the insurance arrangements to provide necessary financial protection.
Retirement Account Division
Dividing pension plans and retirement accounts are critical components of gray divorce proceedings. Couples may have built substantial retirement savings, including 401(k)s, IRAs, and pension plans.
Gray divorcees should seek guidance from experienced attorneys. A lawyer can navigate the intricacies of retirement account division.
Child Support for College Education
The question of child support for a college education can arise in gray divorces. New Jersey law generally provides for child support obligations until a child reaches eighteen. However, the court may extend child support if the child is still in high school or pursuing higher education.
Legal professionals specializing in family law can negotiate or litigate the extent of financial contributions to a child’s college expenses.
Each of these issues presents its own challenges, and it’s essential for couples going through a gray divorce to address them with care and consideration.
The Benefits of Mediation in a Gray Divorce
Many couples facing a gray divorce choose mediation as a preferred method for resolving their issues, and there are several compelling reasons for this:
- Time efficiency
- Reduced stress
Experienced legal professionals can provide guidance and insights tailored to your specific situation.
Taking the Next Step in Your Journey
Gray divorce in New Jersey is a unique legal process that presents specific challenges and considerations for couples aged 50 and above. Understanding these issues and the benefits of mediation can help individuals make informed decisions during this important life transition.
Contact the Bergen County Family and Divorce Law Firm of Arons & Solomon Divorce Lawyers for more help
Contact the experienced family attorneys at Arons & Solomon Divorce Lawyers today for legal assistance. Visit our law office in Bergen County or give us a call at (201) 487-1199 to schedule a free consultation with our team.