3 Ways a Postnuptial Can Help in a Gray Divorce

 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.

What Is a Postnuptial Agreement?

A postnuptial agreement is like a prenuptial agreement but signed during marriage. It is a document that outlines what will happen in the event of a divorce. It includes, for example:

• Which assets are considered marital property and belong to both spouses

• How marital property will be divided

• The rights and responsibilities of each spouse regarding certain assets

A postnuptial can be a valuable instrument in any divorce, but it is particularly suited to help smooth out certain issues in a gray divorce.

Inheritances

You are likely to have accumulated more wealth in your fifties or later. Your children are also likely to have grown and be starting families of their own. By this stage, you will have started thinking about which assets to leave your children to give them a more secure financial future. A postnuptial agreement can help ensure that those assets go to your children in a divorce.

This is especially important if you have children from a previous marriage, which is more common among gray couples.

Retirement Savings

Spouses in a gray marriage are likely to have more robust retirement accounts and pensions than couples in earlier stages of life. It is a good idea to decide with your spouse during the marriage how your respective 401Ks, IRAs, or other accounts should be divided in the event of a divorce or death. A postnuptial agreement will ensure these instruments are distributed according to your wishes.

Business Ownership

If you are in your fifties or later, you may own a business that has grown significantly during the marriage. Dividing a business in a divorce is a complicated procedure that may require the help of a forensic accountant. There are also various ways to assess how much a business is worth. If you want to protect your business from being divided in a divorce, or if you want to control how it is assessed and divided, a postnuptial agreement will come in handy.

Contact a Yorkville, Illinois Family Lawyer

A postnuptial agreement is only as good as the attorney who drafts it. If you are in a gray marriage, consult a Kendall County, Illinois family law attorney who understands how a postnuptial can help in a gray divorce. Divorce Over 50 - Goostree Law Group is a top-tier legal firm that focuses on gray divorces. Our attorneys are highly experienced and will make sure you and your assets are as protected as possible. Call 630-634-5050 for a free consultation today.