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From Our Blog
How Are Retirement Accounts Divided in a Gray Divorce?
Retirement accounts and pension plans are often among the largest marital assets divided in a divorce. This is especially true in gray divorces, which usually happen after retirement benefits have...
How Can I Help My Adult Children Cope With My Gray Divorce?
Divorce is known to deeply affect children. Parents who get divorced are often advised to enroll their kids in family counseling to help them deal with such a life-changing event....
Am I Entitled to Lifetime Alimony in a Gray Divorce?
For spouses who get divorced in their 50s or later, single life can come as a shock. One of the reasons for this is that single life often has a...
5 Common Reasons for Gray Divorces in Illinois
Even as divorce rates among younger generations are slowly declining, studies show that gray divorces are on the rise. Boomers, or those born between 1946 and 1964, are getting divorced...
Divorce Over 50
Attorneys Serving DuPage County, Kane County, and Kendall County, Illinois
Are you over the age of 50 and considering a divorce? If so, you are not alone. Over the last few decades, the divorce rate for older Americans has more than doubled. There are many reasons for this increase, including a strong desire by older adults to be truly happy and content during their “golden years.” As their children grow up and leave home, many couples realize that they have simply grown apart and decide not to spend the rest of their lives feeling unhappy or discontent.
Commonly referred to as “gray divorce,” divorce between spouses over age 50 generally involves concerns that are quite different from divorces involving younger spouses. Older couples have often been married for many years, which means there are usually more complicated assets such as real estate holdings and businesses to account for during the process. In addition, retirement may be imminent, which could affect the awarding of spousal support. Health issues and insurance considerations may also play a significant role in the proceedings. At Goostree Law Group, our attorneys have the experience, resources, compassion, and knowledge to help you manage your gray divorce while fully protecting your rights.
Nearing Retirement
A divorce can be unsettling and confusing, especially for couples who are close to retirement or who are already retired. Issues related to financial support are of particular concern.
Health Concerns
Older divorcing spouses may be dealing with moderate to serious health issues that limit their abilities to care for themselves. Insurance and long-care arrangements should be considered in such cases.
Financial Issues
There are many financial concerns that may be crucial for older couples going through a divorce, including the division of marital assets, retirement savings, and spousal support.
Asset Division
Couples who have been together for many years often have extensive and valuable assets. Dividing such assets in an equitable manner may require the guidance of an experienced attorney.
Spousal Support
Spousal support, also called maintenance, can be a complicated issue when the primary wage-earner is approaching retirement. Many situations require creative and customized solutions.
Dating Over 50
If you are getting divorced as an older adult, you might have started to think about dating again—at least at some point in the near future. However, if you have been married for many years, you may be surprised at how much the dating landscape has changed. Dating websites and mobile phone apps have become the norm, which can be overwhelming if you have not kept up with advances in technology. It is also important to keep in mind that dating during your divorce could complicate the process, and our attorneys can help you avoid potential problems.
Bright Futures Scholarship
The Bright Futures Scholarship provides an award of $2,500 to hard-working students with demonstrated financial need. The scholarship is currently open for applications.
The Family Home
For many couples, the family home is the largest investment they will ever make. Even if you have other assets that are more financially valuable, your marital home is also likely to have a significant amount of sentimental value as well, especially if you and your family lived there for many years. More than a building, your home may feel almost like a member of your family—the place where you watched your children grow up and where countless memories were made.
It is understandable that you might wish to keep your home in the wake of a divorce, and our attorneys will do everything we can to help you do so. We will analyze your financial situation and assist you in taking the necessary steps toward assuming full ownership of your home if the circumstances allow. If not, we will work hard to ensure that the sale of your home is completed smoothly and that you receive an equitable share of the proceeds.
Frequently Asked Questions
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How do I start over financially at 50 years old?
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Will I have to pay spousal support if I am retired?
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Should I keep the family home?
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I have never had a career. What do I do now?
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