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How Does a Late-Life Divorce Affect Spousal Support? 

Posted on in Divorce

Naperville IL grey divorce lawyerOne of the primary concerns of those divorcing later in life is the impact the divorce could have on their finances. Often, those who have been married for more than 20 or 30 years have retired by the time they decide to get divorced. Separating decades of finances can be a stressful experience, especially when no more money is being made by one or both parties.

Spousal support (sometimes known as “alimony”) may be necessary to keep one spouse financially secure through later life when working full-time is no longer an option. This is especially true in long-term marriages where one spouse gave up his or her career prospects to care for the couple’s children and home.

In situations like these, the non-working spouse is often too old to go back to work and feasibly support themself through the rest of their lifetime. As such, spousal support may be awarded to a spouse for life or for a period equal to the length of the marriage.

When is Spousal Support Awarded in Illinois?

If divorcing spouses had a prenuptial or postnuptial agreement detailing any spousal support to be paid in the event of a divorce, Illinois courts will usually abide by the terms of these agreements. However, a couple’s circumstances may have changed substantially since the wedding, and Illinois courts may void the terms of a prenup if the outcome would be grossly unfair.

More broadly, Illinois courts will look at several factors that contribute to the financial picture of the individuals, including current and future financial prospects. Some of these factors include:

  • How long the marriage lasted

  • Each partner’s age and overall health

  • The quality of life the couple established together

  • Each partner’s income and assets

  • Each partner’s retirement prospects, including investment accounts and pension funds

  • Whether one partner gave up a career outside the home to be a homemaker

  • Which spouse will remain in the marital home

Speak with a Naperville Divorce Lawyer

Dealing with the implications of divorce later in life can be scary and unpleasant, but you do not have to go through the divorce process alone. A DuPage County divorce attorney can help you navigate spousal support and other aspects of a grey divorce. The attorneys at Goostree Law Group are experienced and compassionate, and we will help you make decisions to set yourself up for future success. Call us today for a free consultation at 630-634-5050.

 

Source:

https://www.ilga.gov/legislation/ilcs/ilcs4.asp?DocName=075000050HPt%2E+V&ActID=2086&ChapterID=59&SeqStart=6200000&SeqEnd=8675000

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