Regardless of how old you are, divorces can be extremely overwhelming. However, there are certain issues associated with divorces among older adults that younger couples are not faced with during the divorce process. Nevertheless, it is imperative for older couples seeking a gray divorce to understand the critical issues they may face during the divorce process. For instance, many older couples neglect to consider the impact alimony will have on their financial security as they may have retired from their occupation and rely on their retirement benefits to get by. Please continue to follow along to learn more about gray divorces and how our trusted Bergen County Divorce Attorneys can help you today.
What is a gray divorce?
Gray divorce refers to a divorce that involves spouses who are 50 years of age or older that have been in a long-lasting marriage. Typically, those in the Baby Boomer generation seek gray divorces. This term was first coined because in the U.S. as the overall divorce rate was decreasing, there was an increase in divorces in the older (grey-haired) demographic that had been in long-term marriages. Gray divorce can be sought for several reasons, but the following are some of the most common:
- Growing apart
- Falling out of love
- Financial differences
- Lack of intimacy
- Less stigma around divorce
Just as with any other type of divorce, there are several reasons why a couple may decide to pursue a gray divorce.
What is the impact of alimony in this type of divorce?
When a couple seeks a divorce, one spouse may request what is commonly known as alimony or spousal support from their former spouse as it can provide financial support. In a gray divorce, alimony can have a different impact as many individuals retire from their occupation when they hit a certain age. Typically, younger individuals will be granted alimony for a temporary period until either the individual can find employment or remarries. However, in a divorce that involves an older couple, alimony may be awarded permanently for the rest of their lives. This is because the court does not expect an older individual who has retired to return to work. In addition, the court may split an individual’s retirement benefits. This can have a huge impact on individuals’ financial stability as after they retire they rely on their retirement benefits and savings to live. It is critical to understand the impact alimony can have on a gray divorce as it can affect a person’s financial security.
In the unfortunate event that you are seeking a gray divorce, it is imperative to retain the legal services of an experienced attorney who can help you protect your hard-earned assets. Our firm is prepared to fight on your behalf today!