Gray Divorce Tips for Spouses Who Do Not Manage the Household Finances

 Posted on March 17, 2022 in Divorce

Many married couples divide household chores and responsibilities between the spouses. One spouse may do the cooking and cleaning while the other spouse handles home repairs and lawn care. This division of labor often extends to financial concerns as well. One spouse may handle most if not all of the banking, bill paying, and other financial matters, while the other spouse deals with other responsibilities.

If you are getting divorced over age 50 and you have not been involved in financial decision-making, this can leave you vulnerable during a divorce. It is important to know your rights and retain skilled legal counsel.

Tip #1: Gather Financial Documents and Make Copies

Many divorcing spouses do not know details about their assets and debts. If this describes you, it is important to start educating yourself about your financial situation. You cannot make sound decisions about retirement assets, ownership of the marital home, and other crucial financial matters if you do not have a clear picture of what you own and what you owe. Take some time to gather tax returns, retirement account statements, bank statements, credit card statements, and other financial documents. Make copies of these documents for later reference during the divorce.

Tip #2: Work on a Post-Divorce Budget

Your financial situation is likely to change dramatically after divorce. It is a good idea to start thinking about how you will make ends meet after the split. It is a good idea to evaluate your recurring expenses and look for ways to reduce these costs. Start working on your post-divorce budget now and, if needed, modify the budget as you learn more about your divorce outcome.

Tip #3: Understand Your Right to Spousal Maintenance

Divorcing spouses have the right to request spousal maintenance or alimony from the court. Illinois courts award spousal maintenance on a case-by-case basis based on many different factors. You may be entitled to temporary financial support from your spouse during the divorce proceedings as well as spousal maintenance after the divorce is finalized. The amount of spousal maintenance a spouse receives is usually based on the spouses’ net incomes.

Tip #4: Work With a Lawyer Who Knows Gray Divorce Matters

Divorce after age 50, or “gray divorce” is often much more complicated than divorce involving younger spouses. Retirement issues, spousal maintenance, health issues, and asset division will likely add to the complexity of your divorce. Make sure you work with a divorce lawyer who understands how to tackle the unique challenges presented by a gray divorce and protect your rights throughout the process.

Contact Our DuPage County Gray Divorce Lawyers for Help

The Naperville divorce attorneys at Divorce Over 50 - Goostree Law Group are well versed in gray divorce matters, including the division of retirement assets, spousal support, and much more. Call our office today for a free consultation.

Source:

https://www.ilga.gov/legislation/ilcs/documents/075000050k503.htm