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Important Things to Know When Embarking on Gray 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.
Will Gray Divorce Ruin My Retirement?
Once people reach their sixties, they know that their working years are almost over. If they have worked and put away money every month to plan for their retirement, it can feel like they are about to be rewarded for their many years of hard work. However, everyone has different retirement plans: some people work for large companies and are offered packages that include a matching program (the company deposits the same amount into a fund as the employee every month) and stock options, while other people might only have a 401K.
In some cases, one spouse is given a generous retirement package by their employee and the other spouse is not, and the couple might decide to depend on that one plan for their shared future. This arrangement works for many couples, but what happens if a couple gets a divorce? If you find yourself wondering whether you are better off staying in an unhappy marriage to ensure a comfortable retirement, a DuPage County divorce attorney can have an honest conversation and help get you the answers you need to make an informed decision.
Can I Get Divorced if My Spouse Has Dementia?
Illnesses that cause memory loss and cognitive decline, such as dementia, Alzheimer’s Disease, and others, affect many Americans. While it is more common to occur after the age of 70, younger people can be afflicted as well. These diseases take a heavy toll on everyone involved, whether you have the disease yourself or a loved one does. The ways they affect someone cognitively can make it seem like your spouse is not the person you fell in love with and married.
Gray divorce, or divorce when the spouses are 50 years old or older, can have its own set of complications because the couple is typically separating after a long marriage and may have amassed more assets - or debts - than a younger couple. When one of the spouses has dementia, it can make it even more difficult to navigate. If your spouse has dementia and you are considering divorce, an experienced DuPage County, IL divorce attorney can answer your questions with sensitivity and protect your rights compassionately.
What Should I Know About Gray Divorce in Illinois?
Commonly known as “gray divorce,” when a couple in their fifties or older goes through a divorce, many issues come up that are unique to their specific situation. These couples are generally married for longer than younger couples and are either nearing or already into their retirement years. The financial implications of a gray divorce can be more complicated and very different from those of a divorce for a younger couple. Suppose you are in your fifties or older and considering divorce but do not know where to begin. In that case, an experienced DuPage County, IL divorce lawyer can help clear up some of the confusion and explain how you can help protect your financial future.
Why is Gray Divorce Different From Other Divorces?
Otherwise known as “gray divorce,” divorce among couples who are 50 years of age or older has become increasingly common. The divorce rate among Americans in this age range has more than doubled over the last three decades. This is being attributed to several factors, including a longer life expectancy. The thought of getting divorced can be quite stressful if you’ve been married longer than you were ever single in your adult life. If you are 50 years of age or older and are considering divorce but overwhelmed by what it involves, a DuPage County, IL Gray Divorce attorney can answer your questions and help sort through the confusion and anxiety.
How Does Gray Divorce Differ from Other Divorces?
Longer life expectancy is a major reason why more and more older couples are getting divorced. In the past, unhappy couples may have stayed together for the sake of their children, and with a shorter life expectancy, once their children were grown and had moved out, it might have seemed like too drastic a measure for a limited time.
Unexpected Ways Gray Divorce Can Be Easier for You
Divorce is never easy. Even if both people agree that this step makes the most sense for them, it is not a decision that is reached lightly. This is certainly the case for people over the age of 50 as well. In addition to splitting assets and debts, the couple will need to reconsider their retirement plans.
Fortunately, there are several surprising reasons why gray divorce could be easier than divorce at a younger age. If you are 50 years old or older and you think divorce might be the logical step for you, a Wheaton, IL divorce attorney could help make sense of this confusing time.
Why Is Gray Divorce Considered Complex?
Divorce at any age involves an agreement for asset distribution. The couple needs to split up their assets and debts in an equitable way. However, if you are 50 years old or older when you begin divorce proceedings, more factors might be considered:
3 Reasons Gray Divorce Can be Complex
Divorce always has the potential to be complicated. With divorce for people 50 years or older, this certainly holds true. By the time you have reached your fifties, your life has probably gone through many changes since you first got married. These changes can make it harder to split, financially, physically, and even emotionally.
If you have been considering a divorce later in life, you might be feeling an added stress that you cannot quite understand. Below is a short list of reasons why this may be. If you are 50 years or older and you are thinking about getting a divorce, a Wheaton divorce attorney can offer you the advice you need to help you make informed decisions.
Getting Fair Spousal Support When Divorcing After 50 in Illinois
Divorcing later in life brings unique financial challenges. Spousal support, also known as alimony or maintenance, can provide important income for older divorced individuals in Illinois. However, securing fair alimony requires understanding your rights and navigating the complex factors considered under state laws.
Illinois Courts Favor Permanent Alimony
When an older couple divorces in Illinois after a long-term marriage, judges will typically order permanent spousal maintenance that continues until the receiving spouse dies or remarries. The goal is to provide financial support similar to the standard of living enjoyed during the marriage.
Illinois judges do not like limiting alimony with a termination date when dealing with older couples who have been married for over 20-30 years. Permanent spousal support aims to prevent major lifestyle reductions after gray divorce.
3 Factors Making Gray Divorce More Common
If you are older than 50 years old and considering divorce, you may feel alone. You may have had friends who got divorced when they were in their twenties and thirties, but you may not know any other couples your own age going through a divorce. While gray divorce can be somewhat more complicated, it is also increasingly common. There are also perks of gray divorce - it is less likely that you will need to worry about child custody concerns, for example. More and more couples are choosing to divorce later in life and start over. While it may be challenging to get divorced at this age, especially if your marriage lasted decades, many older adults find that it is well worth it to be able to live the life they want to, free of an unhappy marriage. There are a number of reasons that an ever-increasing number of adults over the age of 50 are getting divorced, some of which may surprise you. If you are considering a divorce, it is important to work with an attorney who has experience addressing the unique divorce concerns of older couples.
What Role Does Spousal Support Play in a Gray Divorce?
Divorce can be a challenging process, regardless of your age. However, if you and your spouse have decided to end your marriage later in life, you may need to address some unique financial and emotional considerations. The issue of spousal support (also known as alimony) may be a significant concern, and you may need to determine whether this form of support will be necessary, how much you may pay or receive, and how long these obligations will remain in effect.
Understanding Spousal Support
In some divorce cases, a court may determine that one spouse has a legal obligation to make ongoing payments to the other spouse after the dissolution of their marriage. Spousal maintenance, as it is known under Illinois law, is designed to help a spouse with a lower income or who has been out of work for an extended period of time continue living at a similar standard to what the couple enjoyed during their marriage. Spousal support can be awarded in both short-term and long-term marriages, but it can be a particularly important issue in a gray divorce.