Common Issues to Address in a Gray Divorce in Illinois

 Posted on December 30, 2020 in Divorce

Divorce is difficult at any age, but couples divorcing after the age of 50 often face unique complications due to the way their lives have become intertwined over the course of a long marriage. Despite these complications, so-called “gray divorces” are becoming increasingly common. If you decide to get a divorce in middle-age or your later years, you should be prepared to address some of the common issues that these divorces often raise.

Important Considerations in Your Divorce After Age 50

While the basic elements of a divorce are essentially the same no matter the couple’s age, they often affect a couple over the age of 50 differently from how they would affect a younger couple. Some important issues that you may need to deal with in your gray divorce include:

• Dividing marital property - If you are divorcing later in life, you and your spouse may have significant marital assets that you will need to divide equitably. Your marital home may be one of the most contentious properties, especially if you have lived there together for much of your lives. Retirement accounts are also an important issue for older couples, as dividing the assets within them can have major implications for your retirement plans.
• Spousal support - Spousal maintenance is not guaranteed in an Illinois divorce, but it may be justified in a gray divorce if one spouse has relied on the other for financial support throughout much of the marriage. If spousal support is awarded, the duration is usually determined based on the length of the marriage, so you may be paying or receiving maintenance for 20 years or more if your marriage lasted at least that long.
• Benefits - You may have relied on your spouse for certain benefits like health insurance and Social Security. In some cases, these spousal benefits can continue for a time after the divorce, but you may need to start considering alternatives.
• Revisions to your estate plan - A spouse is often listed as the primary beneficiary of a life insurance policy, and may also be named in a will or as the beneficiary of a trust. After getting a divorce, you may wish to revisit your estate plan to prioritize your children as beneficiaries instead.
• Issues with adult children - Though adult children may not directly affect the terms of your divorce agreement, they are often personally affected by their parents’ divorce, especially if they feel pressure to take sides. It is important after a gray divorce to focus on maintaining your relationship with your children and helping your family through this difficult transition.

Contact a Wheaton, IL Divorce Attorney

As you prepare for your gray divorce, you need a lawyer who understands the challenges you are likely to face. At Davi Law Group, we will help you protect your financial and personal interests so that you can adjust to your post-divorce life with as little stress as possible. For a free consultation with an experienced DuPage County divorce lawyer, contact us at 630-657-5052.

Sources:

https://www.forbes.com/sites/margueritacheng/2019/02/26/grey-divorce-its-reasons-its-implications/

https://www.businessinsider.com/gray-divorce-attorney-insights-separation-when-older