“Gray divorce” is the term used to describe a divorce that takes place during a couple’s senior years – when most people are developing gray hair. These divorces are becoming increasingly common, especially among couples who find they have grown apart. Here are some common questions that Long Island divorce attorneys receive about gray divorce:
Are the rules different for divorce at our age?
Your divorce settlement will have to follow the same rules as any other New York divorce. In that way, a gray divorce is no different from a divorce carried out at a younger age. However, your priorities may be very different from those of a younger couple who have not accumulated significant assets or who have had children.
Will our divorce affect our retirement?
Retirement savings and investments collected during the marriage are marital property, and as such, they must be included in the property to be divided equitably when the spouses split. Since this may greatly affect your retirement income, it is important to work with an experienced Long Island divorce lawyer and other financial professionals as needed to plan ahead and reduce the impact.
What about our plans for our adult children?
If you and your spouse made plans to support your adult children or to give them part or all of their inheritance while you’re still alive, these plans can often be included in the divorce settlement. Make certain you mention them to your attorney, so that they can be included in discussions about how to resolve the divorce.
Contact an Experienced Long Island Gray Divorce Attorney
The dedicated Long Island family law attorneys at the Law Offices of Paul A. Boronow, PC have guided many people through a divorce later in life. Call us today to find out how we can help you secure a comfortable future. We can be reached at (516) 227-5353.