Posted on August 08, 2023 in Divorce

If you are older than 50 years old and considering divorce, you may feel alone. You may have had friends who got divorced when they were in their twenties and thirties, but you may not know any other couples your own age going through a divorce. While gray divorce can be somewhat more complicated, it is also increasingly common. There are also perks of gray divorce - it is less likely that you will need to worry about child custody concerns, for example. More and more couples are choosing to divorce later in life and start over. While it may be challenging to get divorced at this age, especially if your marriage lasted decades, many older adults find that it is well worth it to be able to live the life they want to, free of an unhappy marriage. There are a number of reasons that an ever-increasing number of adults over the age of 50 are getting divorced, some of which may surprise you. If you are considering a divorce, it is important to work with an attorney who has experience addressing the unique divorce concerns of older couples. 

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 Posted on July 31, 2023 in Divorce

Divorce can be a challenging process, regardless of your age. However, if you and your spouse have decided to end your marriage later in life, you may need to address some unique financial and emotional considerations. The issue of spousal support (also known as alimony) may be a significant concern, and you may need to determine whether this form of support will be necessary, how much you may pay or receive, and how long these obligations will remain in effect.

Understanding Spousal Support

In some divorce cases, a court may determine that one spouse has a legal obligation to make ongoing payments to the other spouse after the dissolution of their marriage. Spousal maintenance, as it is known under Illinois law, is designed to help a spouse with a lower income or who has been out of work for an extended period of time continue living at a similar standard to what the couple enjoyed during their marriage. Spousal support can be awarded in both short-term and long-term marriages, but it can be a particularly important issue in a gray divorce.

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 Posted on July 11, 2023 in Divorce

There is quite a lot of information out there designed to help younger spouses going through a divorce care for their minor children throughout the process. While there is no doubt that a parents’ divorce can be challenging for minor children, it can also be challenging for adult children when their older adult parents get divorced. Although your children may not live with you anymore, there will still be changes in the family structure they must cope with. Your children may even have children of their own who may be surprised to learn that their grandparents are splitting. If you have not yet told your adult children about your impending divorce, you may be concerned about how they will react. Although your children are now grown, they are still your children and your divorce may have an impact on them. Knowing how to approach talking to your adult children about your divorce can go a long way towards keeping the peace in your family. 

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 Posted on June 28, 2023 in Divorce

When a couple decides to divorce, one of the most important issues that need to be addressed is the division of their assets. This division may also include any trusts that have been established on behalf of or by either spouse. A trust is a legal entity established to hold and manage assets placed in the trust on behalf of beneficiaries named in the certificate of trust. Depending on the type and the amount of assets contained, trusts can have a significant impact on how assets are divided in an Illinois divorce.

Trust Classification

The first step is determining the classification of the trust. Is the trust separate property and protected from asset division or is it part of the marital estate and subject to that division? Generally, if a trust was established before the couple married or if it was established through inheritance, it is considered separate property. However, if the trust was jointly managed by both spouses and/or contributions into the trust included marital assets, the court may consider it marital property that is subject to division.

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 Posted on June 13, 2023 in Divorce

There are many reasons that divorces involving older adults are complex. Among them is the fact that older adults generally have more significant assets than younger people in their 20s or 30s. You may have investments, real estate properties, retirement assets, stocks, multiple motor vehicles, high-value personal property, and more.

Deciding who keeps what is often one of the hardest parts of a divorce. If you and your soon-to-be ex disagree regarding how to split up your shared property, it is important to know how Illinois law addresses the division of assets during a divorce.

Negotiated Settlement Agreements

Illinois courts encouraged divorcing spouses to negotiate an agreement regarding the division of their property and debts if possible. If you and your spouse disagree about who should keep the marital home, how to address valuables such as jewelry or fine art, whether to sell your vacation home, or any other aspect of the property division process, consider working with a divorce attorney. Your divorce attorney can help you negotiate the terms of the property division arrangement with your spouse. Another option is mediation. During mediation, divorcing spouses work with a mediator who facilitates conversation and helps the spouses reach an agreement.

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 Posted on May 31, 2023 in Divorce

You have saved a lifetime towards your Social Security in retirement, paying 6.2% of your income every paycheck. You are counting on this money when you are no longer working. You may be wondering if divorce will affect your Social Security benefits. The good news is that your government benefits are untouchable in a divorce. An Illinois divorce lawyer can explain which assets and income are subject to division in divorce.

Your Social Security Check Is Not on the Table

In Illinois, Social Security benefits are not subject to equitable distribution, and these benefits are not treated the same as retirement accounts. Even if an ex-spouse is claiming benefits based on your working record, as described below, it will not affect the size of your check. However, a court may consider the size of each spouse's potential Social Security check when deciding the equitable distribution of other marital property.

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 Posted on May 10, 2023 in Divorce

Divorce can have a significant financial impact on both parties - especially if the spouses are over age 50. For some divorced individuals, spousal maintenance, Social Security retirement benefits, and retirement funds help relieve some of the financial burden created by divorce. However, retirement benefits are not available until the recipient reaches a certain age. Spousal maintenance is usually temporary and may not provide as much financial support as the individual requires.

Consequently, many older adults facing divorce decide that their best option is to find a job. For those who have been out of the workforce for years or decades, this is no simple matter.

In this blog, we discuss tips for reentering the workforce after a long absence due to spending time as a homemaker or parent.

Inventory Your Skillset

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 Posted on April 26, 2023 in Divorce

The term gray divorce refers to a divorce involving individuals over the age of 50. Many people are surprised to learn that divorce among older people is extremely common. In fact, the divorce rate for this demographic has risen more than for any other age range.

If you are planning to end your marriage and you are over age 50, make sure you understand how gray divorce differs from divorce involving younger couples. Work with an experienced lawyer who understands these complexities.

Older Couples Often Have Greater Wealth

One major difference between gray divorce and traditional divorce is that couples in their 50s or older often have far more assets than younger couples. Instead of having a rental and a few modest possessions, an older couple may have a main home as well as a vacation home, significant investments, jewelry and other valuable possessions, retirement accounts, and more.

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 Posted on April 11, 2023 in Divorce

Although divorce ends a marriage and can be an extremely painful time in a person's life, divorce also opens up the opportunity for a new relationship – even when the spouses are older. Cupid's arrow does not always have the best timing, and sometimes a person meets the man or woman of their dreams before their divorce is finalized.

If you are getting divorced and you or your soon-to-be ex-spouse have met somebody new, you may wonder what the laws in Illinois are regarding dating during divorce. Depending on the circumstances, dating somebody before your divorce is over could have significant consequences.

Is Adultery Against the Law?

Being in a relationship with somebody else while you are still married is technically adultery - even if you are in the midst of a divorce. Theoretically, Illinois does have an adultery law on the books. However, the law has not been enforced in decades. Illinois courts understand that relationships are complicated and that dating somebody while you are still married is not terribly uncommon. So, you do not have to worry about facing criminal charges for dating somebody while you are still married. That being said, it is still possible for an extramarital relationship to affect your divorce case.

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 Posted on March 28, 2023 in Divorce

Individuals over 50 are getting divorced at a faster rate than any other demographic. Although divorce closes the door to one relationship, it often creates an opportunity for a new relationship. If you are getting remarried later in life, you may want to consider a prenuptial agreement. A prenuptial agreement can be beneficial for anyone of any age and life circumstance. However, prenuptial agreements are especially important for individuals in their second or third marriages.

Benefits of a Prenuptial Agreement

A prenuptial agreement can provide clarity and protection from the financial uncertainty that often accompanies a marriage. It is essential to consider this legal document if you are getting remarried after 50, as it will help protect your assets and set a foundation of understanding between you and your soon-to-be spouse. By having a prenuptial agreement in place before the wedding ceremony, both parties will understand their rights and obligations in the event of a divorce.

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