A “gray divorce” is a term that refers to couples over the age of 50 who are divorcing. In recent years, our country has seen an uptick in gray divorces. Though the reason why is unclear, many have speculated that it is because the negative stigma surrounding divorce is less prevalent than it was years ago and people are living longer than ever before. If you are someone who is over the age of 50 and are getting divorced, continue reading and contact the Law Offices of Katherine K. Wagner today.
What are the most common gray divorce issues?
When a couple has been married for a significant period of time, issues may arise that would not otherwise be present in a shorter-term marriage. The most common gray divorce issues include the following:
Determining marital property (which may be substantial after a long-term marriage)
Determining pre-marital property (which may be difficult after a long-term marriage if there is not a prenuptial agreement or if long term records have not been retained)
Whether or not life insurance is necessary or feasibly obtained
Alimony negotiations if there is a disparity in earning capacity
Dividing pension plans or other retirement accounts
Though the division of marital property is often a complex issue when spouses get divorced, unfortunately, it can be even more complicated for couples who’ve been together for a long time. This is often because these couples will have various commingled assets, such as a primary residence and possibly a vacation home and jointly-held investment and bank accounts.
Additionally, though alimony is always important to spouses who need it, it is sometimes even more important in gray divorces. This is because spouses are at an age where it may either be unreasonable or physically impossible to rejoin the workforce to help support themselves. In this case, it is imperative for financially dependent spouses to receive the alimony payments they need to retain the standard of living established in their marriage.
The bottom line is that if you are facing a divorce later in life, you have a lot at stake, which is why you cannot afford to proceed without an experienced, skilled, and knowledgeable attorney. The Law Offices of Katherine K. Wagner is here to assist you. Give us a call today so we can get started.
Contact the Law Offices of Katherine K. Wagner
Do not face complex divorce and family law matters alone. With over 25 years of experience, the Law Offices of Katherine K. Wagner is dedicated to providing you with the knowledge and skill your case deserves. We will fight to protect your rights, your financial security, and your children. Contact the Law Offices of Katherine K. Wagner today for a consultation.
Katherine K. Wagner, Attorney At Law is located in Somerville, NJ and serves clients in and around Somerville, Raritan, Lyons, Bridgewater, Manville, Zarephath, Neshanic Station, Pluckemin, Whitehouse, Martinsville, Bound Brook, Belle Mead, South Bound Brook, Bedminster, Whitehouse Station, Three Bridges, Liberty Corner, Warren, Middlesex, Somerset, Stanton, Skillman, Blawenburg, Far Hills and Somerset County.
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