Every divorcing couple must go through a unique set of challenges. But a contributing reason why divorces vary by each couple is because of age. That is, mature couples may prioritize a different set of divorce-related terms than newlywed couples. Read on to discover the difference between a gray divorce and a standard divorce and how a seasoned Morris County divorce lawyer at Graves Andrews, LLC, can navigate you through this.
What is considered a gray divorce?
If you and your spouse are both over the age of 50 and decide to dissolve your marriage, then your divorce will be considered a gray divorce.
This term has grown in popularity as the divorce rate in this demographic age group has increased. In fact, recent data has shown that couples over the age of 50 contribute to approximately 25 percent of all divorces while couples over the age of 65 contribute to approximately 10 percent of all divorces in the United States. The reasoning behind this may be that these mature couples are now becoming empty nesters, realizing that they have grown apart, and/or realizing that there is no longer a stigma surrounding divorce.
How is a gray divorce different than a standard divorce?
As insinuated above, a gray divorce is different than a standard divorce because different divorce-related terms are prioritized. Examples of divorce-related terms that a gray divorcing couple may be concerned about compared to a standard divorcing couple read as follows:
- Important settlement agreements for a gray divorce:
- How alimony will be distributed with being retired or near retirement.
- How marital property will be distributed after years, or even decades, of it being in your possession.
- Important settlement agreements for a standard divorce:
- How child support will be distributed to your minor children.
- How child custody will be determined for your minor children.
- How parenting time will be determined for your minor children.
What are common issues handled in gray divorce?
With all things considered, below are specific examples of divorce-related issues that are dealt with in gray divorce:
- Whether alimony is needed if one is collecting social security from the other’s earnings.
- Whether a new life insurance policy is needed.
- Whether division is needed of pension plans or other retirement accounts.
- Whether inheritances will need to be divided.
- Whether child support is needed if your child is attending college.
- Whether your property is considered marital property or separate property.
You may be concerned about what will happen to your hard-earned retirement plans and other assets after your divorce. We understand that you worked a lifetime to earn them, so we will do everything in our power to protect them. So, whenever you are ready, pick up the phone and call a competent Morristown family law attorney.