Posted on July 25, 2024 in 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 had more time to accrue in value. IRAs, 401(K)s, 403(b)s, and defined-benefit pension plans are all examples of financial assets that are commonly divided between spouses who divorce after 50.

However, dividing retirement funds is often a complicated legal process, especially considering that Illinois is an equitable distribution state. This means that Illinois courts divide marital assets fairly, not equally. The changes in a retirement fund’s value also add to the complication of dividing the asset. Divorcing couples are encouraged to create a property division agreement on their own, and may be ordered to attend mediation to facilitate that effort. If negotiation and mediation fail, Illinois law leaves property division largely up to the judge, which is why it is important to have a sharp Illinois gray divorce attorney representing you in court.

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 Posted on July 10, 2024 in 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. Research shows that children sometimes go through behavioral changes and perform differently at school when their parents decide to end their marriage.

Less research has been done, however, on how divorce affects adult children. When parents who are over 50 get divorced, their adult children are usually expected to deal with it on their own. Adult children are also not as major a factor in their parents’ divorce as minor children are. There are no child custody or child support disputes over adult kids.

This article will discuss a few ways you can help your adult children cope if you are going through a gray divorce. To find out more, consult an Illinois gray divorce attorney who can provide you with appropriate resources.

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 Posted on June 30, 2024 in 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 higher cost of living compared to married life when spouses split expenses and support each other. In addition, spouses going through a divorce in their 50s or later may be retired or might have left the workforce long ago.

When one partner needs financial help after a divorce, the court will sometimes order the other spouse to pay alimony, or what the law calls spousal support. Spouses who go through a gray divorce are more likely to qualify for lifetime alimony, which this article will discuss. If you want to know whether you are eligible for lifetime spousal support in your gray divorce, consult an Illinois gray divorce lawyer.

Who Qualifies for Lifetime Alimony?

It is not that common for a court to order a spouse to pay alimony indefinitely. It is usually granted in cases where:

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 Posted on June 10, 2024 in Divorce

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 more than ever before. Those 65 and older are divorcing at higher rates than any other age group. Gray divorces among that demographic more than tripled between 1990 and 2021.

What is driving this surge in gray divorces? An experienced gray divorce attorney in Illinois can tell you a variety of reasons why people 50 and older get divorced, five of which will be discussed in this article.

Mid-Life Crises

Mid-life crises most commonly happen among people between 40 and 60. A mid-life crisis is a period of emotional turmoil and confusion about self-identity. It often happens when a person feels inadequate or feels that life has passed him or her by. This can result in:

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 Posted on May 26, 2024 in Divorce

Many issues come up during the divorce process, but some of those issues are more pronounced when a couple is in their 50s or over. Dividing marital assets, for example, is often more complex in a gray divorce because the parties usually have more wealth to be divided.

Similarly, debt is also divided in a divorce. In a gray divorce, the debt can sometimes be lighter than in a regular divorce if the couple is able to pay off their obligations over the years. Many couples are able to pay off their mortgages by their 60s, for instance. In other cases, however, the debt may be larger if the couple has taken on more financial obligations.

Either way, dividing debt can be a complicated procedure in a gray divorce, which is why you should seek a gray divorce attorney to handle the process for you.

What Debt Is Divided in a Divorce?

Under Illinois law, debt is divided in a divorce if it fulfills the following criteria:

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 Posted on May 17, 2024 in Divorce

Getting divorced after 50 comes with a unique set of challenges. There are more finances to divide, adult children to consider, and inheritances to protect. But life after a gray divorce can be just as difficult as life before, if not more so. Starting over is easier when you are in earlier stages of life, but it can get harder as age increases.

Hiring the right Illinois attorney can be a game-changer. A lawyer who has experience with gray divorce will not only be able to help you with the divorce process but can also assist you with beginning your post-divorce life. 

Why Is it Harder to Adjust After a Gray Divorce?

Life after divorce in the 20s or 30s is in many ways still familiar to former spouses. Children still need raising, careers are still blooming, and savings still need growing. But life after divorce in your 50s or later is more challenging for several reasons:

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 Posted on April 26, 2024 in Divorce

A divorce where the spouses are in their fifties or older is called a “gray divorce.” A gray divorce can present different challenges than divorces that occur in earlier life stages. For example:

• In gray divorces, spouses are likely to have accumulated more wealth than younger couples.

• Couples in their fifties or older are closer to retirement.

• Children of spouses who get divorced in their fifties or later are older and have different needs than those born to younger parents.

A postnuptial agreement is a great way for people getting a gray divorce to protect their assets and their children. This article will discuss what a postnuptial agreement is and three ways it can help in a gray divorce.

If you are considering a gray divorce in Illinois, consult with a qualified attorney who can walk you through the unique issues that may arise.

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 Posted on April 10, 2024 in Divorce

Getting a divorce in Illinois can be a complicated legal process that upends the lives of both parties. This is especially true in a gray divorce, which involves spouses who are in their 50s or older. Gray divorces can require more planning and legal considerations, which is why it is important to work with an Illinois attorney who is experienced in gray divorce.

Couples going through a gray divorce should also think about working with a certified divorce coach. The various financial and emotional factors that are unique to a gray divorce can be made smoother and simpler by a divorce coach.

This article will explain what a divorce coach is and why hiring a divorce coach can be helpful in a gray divorce.

What is a Certified Divorce Coach?

If divorce can be compared to childbirth, you might think of a divorce attorney as the physician who delivers the baby, while a divorce coach is like a doula. Divorce coaches are certified by the American Bar Association and are trained to not just assist with the legal process but also to help manage the emotional toll that often comes with a divorce.

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 Posted on March 23, 2024 in Divorce

Divorce can be a challenging process to go through no matter what stage of life you are in at the time. Since every single married couple has a unique dynamic based on the personalities and backgrounds of the spouses and their experiences together, every divorce is unique as well. But keeping that in mind, there are some categories of divorce, and the couples in those categories tend to share various aspects.

That is certainly the case with gray divorce, or divorce for a couple who are in their fifties or older. There are, of course, many variables in the category: some couples at that stage in life might not have children, some might have one child, and some might have many children and even grandchildren by the time they consider divorce. In some couples, both spouses worked for the majority of their adult life, and in some, only one did. But all of them will either be approaching their retirement or already retired, and that can have a major influence on the divorce. If you are considering divorce and you are close to retirement age, speak with an experienced DuPage County, IL gray divorce attorney to find out more.

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 Posted on March 08, 2024 in Divorce

A common divorce topic is that of the division of marital assets that needs to be carried out within the framework of a divorce settlement. Things that are generally included under the category of marital assets include joint bank accounts, properties that the couple accumulated, and investments that the couple contributed to throughout their marriage. If a trust was created by or on behalf of either spouse during their marriage, this would also be included as something to be divided in a divorce. If there is a trust in your or your spouse’s name and you want to understand how it will be handled in an upcoming divorce, speak with a Kendall County, IL asset division attorney to find out more.

What Is a Trust?

There are different types of trusts, and they can be worth different values, but a trust is essentially a legal entity created to hold and maintain assets placed in it on behalf of named beneficiaries. Before proceeding, you need to determine how the trust in question is classified, meaning whether it is considered a marital or nonmarital asset. This is generally determined based on when it was established, but a knowledgeable attorney can review the specifics of your trust and help you proceed.

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