Ending your marriage after many years spent together can be devastating. And on top of this, you may have to deal with many unique issues during your proceedings. Continue reading to understand what a gray divorce is and how one of the experienced Nassau County divorce lawyers of Peter V. Mandi & Associates, Inc. can help you address the issues at hand.
What is considered a gray divorce in New York state?
If you and your spouse are over the age of 50, then your divorce will likely be considered a gray divorce in New York state. These divorces are given a specific name as their frequency has significantly increased in recent years. Also, couples in this age group tend to have to handle unique issues that younger couples typically do not have to face. For example, at 50 years of age or older, you likely do not need to worry about child support or child custody settlement agreements during your divorce proceedings.
What are common issues that are handled in a gray divorce?
In this later stage of your and your spouse’s life, you will likely be dealing with unique issues that a traditional divorce would not entail. Some of the most common issues that are handled in a gray divorce in New York state include the following:
- You must establish whether your inheritances must be divided.
- You must settle your alimony if one is collecting social security off of the other’s earnings.
- You must distinguish between marital property vs. separate property.
- You must decide whether a new life insurance policy is needed.
- You must divide pension plans and other retirement accounts.
- You must determine whether one must pay for your child’s college education through child support.
What are the benefits of mediation in a gray divorce?
If you are going through a gray divorce, you may find it beneficial to settle your marital issues via a mediated divorce rather than via a litigated divorce. Certain benefits include, but are not limited to, the following:
- It is cost-effective: as an older couple, you most likely do not want to waste your money on your divorce, especially if retirement is right around the corner. Litigation is notorious for being costly. On the other hand, mediation is known to be cost-effective, and it can ultimately protect your retirement funds.
- It is an efficient process: in this later stage of your life, you most likely do not want to spend a significant amount of time in court. Litigation can sometimes take years, while mediation can be a much quicker process.
- It is less stressful: you and your spouse likely have other responsibilities that you must attend to, such as your job, your medical issues, etc. If you and your spouse are still amicable, mediation is likely the healthiest option.
For more, contact a skilled Suffolk County divorce attorney today.
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If you require strong and dedicated legal representation through a divorce or family law matter in Long Island, New York, contact Peter V. Mandi & Associates, Inc. today.