Important Things to Know When Embarking on Gray Divorce

 Posted on December 12, 2023 in Divorce

While any divorce can be complicated, divorce for people a bit older and later in life can be even more so. This topic of divorce even has its own special name, “gray divorce.” When people get divorced later in life, there are some unique challenges as well as some reasons why it’s actually easier than getting divorced when you are younger. One of the main reasons why it can be more complicated is because an older couple will generally have more financial assets to figure out how to divide amongst themselves. While younger couples may need to figure out complicated things like child custody, a gray divorce settlement will determine how the ex-spouses’ retirements might look. If you are over fifty years old and divorce might be in the cards for you, an experienced DuPage County, IL, gray divorce lawyer will clear up some confusion and set you up for success in your divorce settlement.

Things to Keep In Mind Before Gray Divorce

If you are past retirement age and considering divorce, there are a few things that are important to keep in mind as you proceed:

• Alimony/Spousal Support: Sometimes, spousal maintenance can be awarded indefinitely. This means there is no end date, and the court will expect the payments to continue forever. Alimony payments are an important part of an asset division negotiation and will be critical for your future financial planning.
• Estate Plans: Sometimes, estate plans need to be redrawn. This is a very important step that should not be skipped, as it can influence your children’s financial future. If you have drawn up a will with your spouse and are now heading toward divorce, you must update your will so you can avoid any divorce-related uncertainties for your beneficiaries down the line.
• Retirement Accounts: In any divorce, particularly one that occurs when either or both spouses are nearing retirement, retirement funds need to be taken into account and are generally divided to ensure both have a chance for a financially stable retirement. In some cases, the spouses can figure out how to negotiate the value of other assets to ensure both end up with equal assets. In other cases, a Qualified Domestic Relations Order (QDRO) is used to help spouses divide their retirement accounts fairly.

Schedule a Free Consultation with a Kendall County, IL, Divorce Lawyer

If you are in your fifties or older and considering divorce, you will likely have questions about how to ensure financial stability and security in retirement. A knowledgeable Wheaton, IL, gray divorce lawyer will be able to clear up your confusion and formulate a plan to ensure that your rights and interests are protected. Please call Divorce Over 50 - Goostree Law Group at 630-634-5050 to schedule a free consultation and get started.