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Divorce Involving Older Couples Presents Financial and Personal Challenges

Posted on in Divorce

IL divorce lawyerThe decision to end a marriage is not one that is reached easily – especially after years or decades living as a married couple. Divorce after age 50 takes courage. It can be frightening to leave the predictability of your marriage and embark on a new life chapter. Ending a marriage near retirement age can also involve several financial complications. Many people in their 50s and 60s hope to retire and spend their time playing with grandchildren, traveling, or otherwise enjoying their golden years. Some divorcing spouses over age 50 worry that the divorce will upset these plans. If you are considering divorce, it is important to know how the split can impact your financial future.

“Gray Divorce” Rates Show More Older People Are Divorcing

The American Association of Retired Persons (AARP) created the phrase "gray divorce" to describe divorce involving spouses over age 50. Although the overall divorce rate has declined, gray divorce rates are higher than ever. In fact, the number of older people getting divorced has doubled in the last several decades. The reasons for this significant increase are just as varied as the people getting divorced. Some people divorce because they simply reach the conclusion that their marriage no longer works. Others divorce later in life because their children have grown up and moved out of the home. Whatever the reason, getting divorced after age 50 can present unique challenges – legally, financially, and emotionally.

Financial Considerations in a Gray Divorce

If you plan to end your marriage and are close to retirement, your first question may be how the divorce will impact your retirement plans. Like all assets in an Illinois divorce, retirement accounts included in the marital estate must be valued and divided in a divorce. Spouses may reach an out-of-court agreement on how to divide property, or the court may divide the property based on Illinois’s equitable distribution laws. Both spouses have a right to an equitable share of any retirement funds that a spouse earned during the marriage.

Spousal maintenance may also be a factor in a gray divorce – especially if one spouse was a homemaker or stay-at-home parent. Also called alimony or spousal support, spousal maintenance can be a significant financial resource for the recipient and a significant financial obligation for the payor spouse.

If you plan to divorce, a knowledgeable divorce lawyer experienced in gray divorce matters can help.

Contact a Joliet Gray Divorce Lawyer

Divorce after age 50 is not like divorce in your 20s. For dependable legal advice and guidance during your divorce, contact The Foray Firm. Call our Will County divorce attorneys at 312-702-1293 today and set up a confidential consultation to learn more.

 

Source:

https://www.psychologytoday.com/us/blog/home-will-never-be-the-same-again/202108/why-the-divorce-rate-older-couples-is-soaring

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