What is a gray divorce in New York?
A gray divorce is a divorce that occurs with couples over the age of 50. These divorces are given a specific name because this type of divorce has increased in recent years. Gray divorces are distinct from other kinds of divorce because couples over 50 may have to deal with certain issues that other couples typically do not have to face. For example, some couples may be required to pay open durational alimony. Additionally, most couples going through a gray divorce will not need to worry about child support or child custody.
What are common issues that are addressed in a gray divorce?
There are several issues that are addressed in gray divorces because they are taking place in the latter stages of a couple’s life. Some of the most common issues that come up in a gray divorce in New York include, and are not limited to:
- Establishing whether inheritances can be divided
- Alimony negotiations when one spouse is collecting social security off of the other’s earnings
- Determining alimony duration, frequency, and amount
- Determining marital property vs. separate property
- 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
Can mediation be beneficial in a gray divorce?
When going through a gray divorce, it may be beneficial to consider the method of mediation. Spouses of an older age going through it can benefit from mediation in order to settle their marital issues. This may be in the event of the following:
- They do not want to waste money. Divorces can often be expensive and spouses at an older age may either be retired or planning to retire soon. Rather than spending money on divorce through litigation, they can protect their retirement funds through mediation.
- They do not want to waste time. Spouses at an older age may not want to spend a significant amount of time in court, and divorces can sometimes take years. Mediation can be a quicker process.
- They do not want any more stress in their life. If spouses are facing other difficulties in life and they most likely do not want to go through complicated divorce proceedings. Mediation is often a healthier and more peaceful process.
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Peter V. Mandi, Esq. is an experienced divorce and family law attorney located in Bohemia, New York. Our firm understands the impact a divorce can have on your life. If you require strong and dedicated legal representation in Long Island, New York, please do not hesitate to contact Peter V. Mandi & Associates, Inc. today.