What is Gray Divorce?

What is Gray Divorce?

In recent years, our country has seen an uptick in what is known as “gray divorce.” Simply put, gray divorce refers to couples who choose to get divorced later on in life, or at least after the age of 50. Though the reasoning for such a trend is not completely clear, it is reasonable to assume, in part, that the general stigma of divorce is far less prevalent than it was years ago. Many spouses are simply realizing, later in life, that the initial “spark” is no longer present, and they choose to peacefully separate as a result.

That being said, just because gray divorces tend to be slightly more civil, it does not make them any less complicated. Since spouses who have been married for such a long time most likely have several joint accounts and have accrued lots of other shared property, the equitable distribution process may become far more complicated. As you may know, “equitable” seldom means “equal,” and refer more to what the court sees as a fair distribution of your assets.

Furthermore, gray divorces frequently require a significant adjustment to be made to both parties’ estate plans, as their significant other was most likely placed in charge of various powers of attorney, advance healthcare directives, and more. Married couples traditionally leave their inheritance, at least in part, to their surviving spouse. However, if you are not longer married, you will most likely have to change your estate plan to better suit your current situation.

That being said, these divorces tend to take several months, if not years to finalize if you choose the litigation route. Furthermore, litigated divorces are also far more costly. That is why if you are capable, our firm urges you and your spouse to choose mediation. Here at TTN, we have several experienced, compassionate divorce mediators that can help you through every step of the process ahead. Typically, a mediated divorce can be resolved in a matter of months, stays out of the courtroom, and both you and your spouse have control over its outcome. If you feel you can amicably resolve your divorce with the help of a mediator, give us a call today.

Contact our experienced Bergen County firm

At Townsend, Tomaio & Newmark, our attorneys have extensive experience helping clients to understand and protect their legal rights before, during, and after the divorce process in towns across New Jersey and Bergen County, including Hackensack, Ridgewood, Paramus, Teaneck, and Fort Lee. To speak with our team of divorce lawyers today in a free and confidential consultation regarding your concerns about your divorce, please contact us online, or through our Hackensack, NJ office at (201) 397-1750.

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