Posted on May 12, 2022 in Divorce

Getting divorced at any age comes with financial challenges, but older adults often face a unique set of hurdles when ending their marriage. If you are over age 50 and thinking about getting divorced, you may have questions about property, debt, income, retirement, and more. You may be especially concerned about your ability to access retirement benefits and Social Security income. Regardless of where you are in the separation or divorce process, it is important to know how Social Security and retirement benefits are handled in Illinois divorce cases so you can make the best decisions possible moving forward.

Retirement Assets in an Illinois Divorce

Retirement accounts, including IRAs, pensions, and 401(k)s are treated the same as any other asset in a divorce. Whatever portion of the retirement funds were accumulated during the marriage are marital funds in which both spouses have a stake in. Retirement funds that were accumulated before the couple got married are typically non-marital assets owned solely by the retirement plan holder. However, if the couple had a prenuptial agreement classifying retirement assets as either marital or non-marital, the court will most likely uphold this agreement during a divorce.

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 Posted on April 28, 2022 in Divorce

Domestic violence affects every age, race, and income level. Often, some of the most abusive marriages are those that appear perfect from an outsider’s perspective. Sadly, many domestic violence victims stay in abusive relationships because they are afraid to leave. They may not have the financial means to live independently or worry about what people would think if they left the relationship. Others stay with abusive partners because their partners have brainwashed them into thinking that they somehow deserve the abuse. If you are over age 50 and want to end an abusive marriage, a divorce lawyer experienced in domestic violence issues can help.

Abuse is Not Always Physical

One of the most common misconceptions about domestic abuse is that it is always physical in nature. Hitting, kicking, slapping, and pushing are only one form of domestic violence. Per Illinois law, abuse can also involve non-physical forms of harm. In older couples, abuse often takes the form of mental and emotional maltreatment, financial control, and intimidation.

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 Posted on April 20, 2022 in Divorce

Being a doctor, dentist, or other medical professional comes with a unique set of advantages and disadvantages. Owning your own practice gives a medical professional a greater degree of control and financial stability, but it also involves significant liability. Gray divorce, or divorce involving spouses aged 50 or older, is already challenging. Divorce involving a business or professional practice is even harder. If you are getting divorced and you or your spouse own a medical practice or other professional practice, it is crucial to understand how this will influence your divorce.

Understanding Ownership of a Professional Practice in a Divorce

Professional practices are treated like other assets in an Illinois divorce. Ideally, spouses will use a prenuptial agreement or postnuptial agreement to specify ownership of a professional practice long before a divorce. However, if no such agreement exists, determining ownership of the practice will be more difficult.

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 Posted on March 31, 2022 in Divorce

For many people going through a divorce over 50, reentering the workforce is an intimidating but necessary reality. While, in some cases, spousal support may be enough to meet your financial needs, many divorced individuals over 50 must find another source of income. You may be restarting a career that you put on hold while raising kids and managing your home. In some cases, you may be entering the workforce for the first time. The positive news is that you can use tools to make this transition more successful as you look to find a fulfilling and financially rewarding job after your gray divorce.

Opportunities for Job Search Assistance

1. There is often assistance for job seekers available in your local community. Many cities and counties have employee assistance programs to help you with resume preparation, interview techniques, and job search tools. Sometimes these are offered through your local library, school district continuing education programs, or a community college. These can include courses to improve or enhance your proficiencies in specific marketable skills, such as computer programs or other training.

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 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.

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 Posted on February 25, 2022 in Divorce

Statistics demonstrate that intimate partner violence affects married couples of all ages, ethnicities, and income levels. Some studies show that the frequency and severity of abuse increase as couples age. Sadly, the longer a spouse tolerates abusive treatment, the less likely he or she may be to leave his or her spouse. Many older adults worry that they will not be able to afford to live on their own. They may also be convinced that they somehow deserve to be mistreated due to years of manipulation from the other spouse.

It takes a tremendous amount of courage to divorce an abusive spouse. If you are ready to leave an abusive spouse, know that you do not have to face this alone. A divorce lawyer with experience in gray divorce matters and domestic violence can be your legal advocate and guide you through the divorce process.

Orders of Protection for Abuse Victims in Illinois

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 Posted on February 07, 2022 in Divorce

Prenuptial agreements or “prenups” are often misunderstood. Some people believe that prenups are only needed if the couple is extremely wealthy. Others assume that no one who takes their marriage vows seriously would ever get a prenuptial agreement. Fortunately, more and more engaged couples are seeing beyond these misconceptions and realizing that prenuptial agreements offer a multitude of benefits to both spouses.  Prenuptial agreements can be especially beneficial if the couple is older and has previously been married.

Advantages of Using a Prenup for Your Second or Subsequent Marriage

If you are divorced and planning on remarrying, a prenuptial agreement may be useful in several ways, including:

Classifying assets - A prenup allows a couple to classify property as marital or non-marital. Marital property is jointly held by both spouses. Non-marital or separate property belongs only to the spouse who originally owned the assets.  If you eventually get divorced or a spouse passes away, a prenuptial agreement ensures that the property is divided in the way you specify. Without a prenup, property may be divided according to Illinois property division laws. Many spouses want to ensure that certain assets, such as business interests, real estate, or family heirlooms are classified as non-marital assets.

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 Posted on January 25, 2022 in Divorce

Some couples are only married a few months to a few years before they divorce. Others are married 10, 20, or even 30+ years when they make the decision to split. No divorce is easy, but divorcing after a long marriage can make it feel like your world is getting turned upside down.

If you are thinking about divorce and you have been married for over 20 years, the road ahead may look ominous. However, it is important to remain hopeful and positive. One of the best things you can do to prepare for a “gray divorce” is to know what to expect.

Property and Debt Division for Divorce After a Long-Term Marriage

Typically, the longer a couple has been married, the greater their shared assets and debts. In Illinois, property and debts collected by either spouse during the marriage are included in the marital estate. This means that both spouses are entitled to an equitable share of the property and debt accumulated during the marriage. Property identified as non-marital property through a prenuptial agreement, inheritance, and certain gifts are excluded from the marital property. You and your spouse may need to address retirement funds, savings accounts, investments, real estate, and more during your divorce. A divorce lawyer can help you understand and evaluate your options for dividing property between you and your spouse.

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 Posted on January 06, 2022 in Divorce

The decision to divorce is a deeply personal one. Understandably, many people think about divorce for years or even decades before finally calling it quits.

Divorce is usually associated with couples in their 30s and 40s. However, studies show that the divorce rate for this demographic is declining. Contrarily, the divorce rate for those over age fifty has doubled. Even more surprisingly, the rate of divorce for couples over age 65 has tripled in the last several decades.

If you find yourself facing divorce in your 50s, 60s, or 70s, you will most likely face a unique set of divorce challenges. It is important to work with a divorce lawyer who understands how to tackle these challenges.

Some Older Couples Simply Grow Apart Over Time

The person you are as a 60- or 65-year-old probably varies significantly from the person you were as a 25-year-old. Your values, ambitions, and even your personality may have changed dramatically over the decades. Sometimes, couples simply grow apart over the years.

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 Posted on December 28, 2021 in Divorce

While divorce can be difficult at any age, if you are over the age of 50, you may experience some unique issues as you end a long-term marriage and determine how to move forward with your life. Starting over later in life will require you to make a number of major changes that may affect your living situation, your finances, and your relationships with friends and family members. As you establish a new life for yourself following a gray divorce, you may feel that you are ready to begin looking for a new partner, or you may want to explore short-term or casual relationships. When exploring your opportunities for dating after divorce, you will want to keep the following tips in mind:

• Be sure you are ready - Before jumping into the dating world, you will want to make sure you really want to take this step. If you are feeling lonely, or if you are unsatisfied with your post-divorce life, you may want to work on yourself first and find ways to be happy on your own before beginning a new relationship. By focusing on maintaining your health and doing things you enjoy, you can build a positive life for yourself, and this will help you be a better partner when you do choose to begin dating again.

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