Posted on September 16, 2021 in Asset Division

The term "gray divorce" has been used to describe the increasingly frequent divorce cases involving individuals in their 50s, 60s, and 70s. Older couples divorce for countless reasons. Some gray divorces are simply formalizing the end of a marriage that has been struggling for many years. Other times, an individual files for divorce after finding out that the other spouse was having an affair. Substance abuse or addiction can also devastate a marriage.

If you are divorcing and your spouse has misused, wasted, or destroyed funds or property, you may have a valid claim of "dissipation of assets." You may be entitled to a proportionally larger share of the marital estate during the division of marital assets.

Wasting Assets Near the End of the Marriage

When a spouse misuses or squanders a substantial amount of property before property can be divided in a divorce, Illinois law offers a remedy through a dissipation of assets claim. "Dissipation" refers to using money or property that belongs to the marital estate for a purpose not benefiting the marriage while the marriage is experiencing a "breakdown." In other words, dissipation is squandering money or property while the marriage is nearing its end.

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 Posted on August 17, 2021 in Divorce Over 50

People over the age of 50 make up a large percentage of the population in the United States, and this demographic is continuing to grow as Baby Boomers get older and retire. As this part of the population increases, it makes sense that the rates of divorce for people over 50 are also increasing. By understanding some of the common reasons for these “gray divorces,” spouses can be aware of issues that may indicate that their marriage is in trouble, or they may decide that divorce is the best option to ensure that they can be as happy as possible throughout the rest of their lives.

Reasons Older Couples Choose to Get Divorced

• Infidelity - Cheating can take place in any marriage, but for those who have been married for a longer amount of time, there is more opportunity for spouses to wander. This can especially be true for those who are unsatisfied with their marriage or who have experienced relationship problems. In many cases, infidelity is the “final straw” that leads couples to decide to end their marriage.

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 Posted on August 05, 2021 in Asset Division

In many cases, divorce for those who are 50 or older can lead to financial difficulties. When a couple has been together for many years or multiple decades, shifting to living separately can be a huge adjustment. While it can be difficult enough for a spouse to cover their expenses on a single income, some issues, such as gambling debts, can lead to additional financial problems. In these situations, a spouse will need to understand the role that gambling debts incurred by their former partner will play in their divorce.

Gambling Debts and Asset Dissipation

Typically, debts incurred by married spouses are considered to be marital debts, and the spouses will be jointly responsible for repaying the amounts owed. However, gambling debts may be approached differently, especially if one spouse acted without the other spouse’s knowledge when incurring these debts. In these cases, the use of marital funds for gambling purposes may be considered asset dissipation.

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 Posted on July 26, 2021 in Spousal Support

One 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.

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 Posted on July 15, 2021 in Adult Children and Divorce

Even though Illinois is a no-fault divorce state and does not allow for causal blame in the divorce process, family members may still view one party in a divorce as "causing" the divorce to happen. In the face of hostility or bitterness during your divorce after 50, you may naturally wonder if your divorce will impact your ability to have a positive relationship with your grandchildren.

Issues with Adult Children

The most common problems that could have an impact on your relationship with your grandchildren are likely to stem from your relationship with your own child. While older divorcing couples may avoid dealing with some of the problems of having very young children in a divorce, such as custody battles or child support payments, it would be a mistake to think your divorce will not have any effect on your adult children.

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 Posted on June 24, 2021 in Divorce Over 50

According to the AARP, 66 percent of midlife or gray divorces are initiated by women. This may be surprising: women, who are often tasked with the responsibilities of holding family life together, may seem like the party we would least expect to initiate a divorce. This may seem especially true later in life, when the children are grown and the prospects of grandchildren, retirement, and more personal freedom are on the horizon.

Research has provided fascinating insights into the reasons women pursue grey divorce. Understanding why other women have filed for divorce can help someone who may be on the fence about the matter. If you recognize yourself in any of the following situations, it may be time to contact a divorce attorney.

Emotional or Psychological Abuse

Abby Rodman, a family psychotherapist who designed a survey taken by hundreds of women, admitted she herself was surprised by the fact that 53 percent of her respondents said they left due to psychological or emotional abuse.

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 Posted on June 03, 2021 in Divorce Over 50

Divorce is one of the most difficult life events an individual or family can face, and being older and more financially entangled can add significant challenges to the process. The decision to get divorced after 50 should only be made after serious consideration, and people commonly feel some hesitation about what to do and when to do it. Fortunately, there are attorneys experienced in divorce among older couples, and there are things you can do yourself to prepare for divorce and make the process go as smoothly as possible.

Consider Mediation or Collaborative Divorce

Fewer divorce cases go to court than in the past–and for good reason. Spouses who use mediation or a collaborative divorce process often have smoother divorces, and both parties can save time and money. There is more independent decision-making, and the formality and hassle of court proceedings can be avoided. However, collaborative divorce is often insufficient for divorces involving complex financial situations or significant assets, especially if one person controls the finances and the other may be unaware of the couple’s full financial picture.

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 Posted on May 20, 2021 in Adult Children and Divorce

One of the biggest myths surrounding a gray divorce is that the divorce will not affect the adult children of the divorcing couple. A gray divorce, or one that takes place after the age of 50, has the potential to affect everyone in the family. Even though you may not have to deal with issues like child support and parenting time, your adult children can take the news of your divorce just as harshly as young children would. Most divorcing couples with adult children do not factor them into the divorce equation at all. While they are farther removed from the situation than a minor child would be, there are still things that you should do to protect your adult children during your gray divorce.

Understand that Your Adult Children Will Grieve the Divorce

Many people feel as if their adult children will not feel the effects of the divorce; however, that is simply not true. Even when your children are adults, a divorce can affect their lives. The dynamics of the family that they know and grew up with are changing while the world around them is telling them that they should not be affected by their parents’ issues. A sense of isolation is common for adult children of divorce, as they feel like they are unable to talk to anyone about how they are feeling. Encouraging your children to talk to you about how they feel toward the divorce can help them cope with their feelings.

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 Posted on May 06, 2021 in Divorce Over 50

The divorce rate in America has long been a topic of interest, and in recent years, attention has turned to divorces involving Americans who are over the age of 50. While the overall divorce rate has been decreasing, the divorce rate for those who are age 50 and older has actually been increasing, according to the Pew Research Center. Since 1990, the divorce rate for adults aged 50 and older has doubled. When looking at just adults who are 65 and older, the divorce rate has nearly tripled since 1990. Researchers have speculated several reasons as to why the divorce rate is undergoing such an increase for couples in their golden years.

Older Americans Are More Likely to Be in a Second or Third Marriage

According to data from Pew, many adults in the Baby Boomer generation experienced divorce in their young adult lives back in the late 1970s and 1980s. Like many divorced people, a large number of Baby Boomers eventually remarried. Unfortunately, statistics show that second and third marriages tend to be much less stable and have a higher chance of divorce. Research shows that 48 percent of adults over the age of 50 who divorced in 2015 were in their second or subsequent marriage.

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 Posted on April 19, 2021 in Asset Division

There are very few, if any, life situations that could be called "easy" when it comes to divorce. When it comes to gray divorce, that is, divorce involving one or more people who are over the age of 50, things are never easy on any level. According to Bloomberg, one study reported that adults who divorced who were over the age of 50 reported higher levels of depression than those whose spouses had died. However, the financial impact of a gray divorce seems to be even more significant, perhaps even more significant than previously thought. Research also shows that adults over the age of 50 can also expect to lose at least 50 percent of their wealth when they divorce. The years of your life during a gray divorce can be rather fragile when it comes to finances, so working with a divorce attorney is highly recommended.

Wealth and Income Can Be Affected Greatly

When you get a divorce, you and your spouse must divide all of your assets and debts. It only makes sense to assume that your standard of living is going to decrease somewhat. Previous studies have shown that younger adult men typically see a negligible effect on their standard of living, while younger adult women typically see around a 20 percent drop in their standard of living. Adults over the age of 50, however, see much more significant decreases. Older women usually see a decrease of 45 percent in their standard of living, while older men see a decrease of around 21 percent.

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