Meeting Someone New After a Gray Divorce: Legal, Financial, and Familial Considerations

 Posted on August 18, 2022 in Divorce

People over the age of 50 are divorcing at a higher rate than any other age group. Fortunately, many of these individuals are eventually able to find love again. It is not uncommon for people in their 50s, 60s, or even 70s to find the love of their life after a divorce.

If you are going through a divorce later in life, it is important to know how a new relationship could impact your life legally, financially, and personally.  

Timing is Important When it Comes to Post-Divorce Relationships

No one can predict when Cupid’s arrow strikes. However, most divorce attorneys recommend that spouses wait until the divorce is finished to date. Dating during divorce can lead to increased hostility during the divorce process. If you use marital funds to pay for dates or gifts, you could also be accused of dissipation of assets. If your spouse files a dissipation claim, it could reduce your divorce settlement.

Moving in Together and Spousal Maintenance Entitlement

In Illinois, spousal maintenance or alimony may be terminated if the receiving party moves in with a romantic partner. If you cohabitate with a new boyfriend or girlfriend, your spouse can ask the court to terminate his or her spousal maintenance obligation. If you rely on spousal maintenance to make ends meet, it may be best to avoid living together with a new partner.  

Your Adult Children May Have Strong Opinions

When an older couple gets divorced, their children are often already grown. However, this does not mean that adult children are unaffected by their parents’ divorce. You may want to carefully plan how and when you introduce a new partner to your children to reduce the possibility of conflict.

Benefits of a Prenuptial Agreement in a Second Marriage

Prenuptial agreements are highly recommended for second and third marriages. Individuals who have been previously married often have high-value assets including real estate, investments, retirement assets, and business interests. The best way to protect your finances in a second marriage is to draft a comprehensive prenuptial agreement describing both parties’ financial rights and obligations. Prenuptial agreements are also useful for estate planning purposes. If you want your children to inherit certain assets or family heirlooms, a prenuptial agreement can help ensure they receive those assets.

Contact a DuPage County Divorce Lawyer

Our Weaton divorce attorneys know that “gray divorce” is often much more complicated than divorce involving spouses in their 20s or 30s. We provide legal support and guidance regarding the division of marital property, retirement concerns during divorce, spousal maintenance, prenuptial agreements, and much more. Call Divorce Over 50 - Goostree Law Group at 630-634-5050 for a free consultation.

Source:

https://www.kiplinger.com/personal-finance/604696/what-older-adults-should-know-about-getting-divorced-and-maybe-remarried