Posted on August 30, 2022 in Divorce

The term "gray divorce" is used to describe a divorce case involving spouses over age 50. Because they have lived longer, older spouses often have more complex financial concerns to contend with during divorce than younger couples. Understandably, many people divorcing in their 50s and 60s worry about how the divorce will affect their retirement plans, housing, investments, and overall financial future. There are also deep-seated emotional and personal factors associated with a gray divorce. 

If you are over age 50 and plan to divorce, proceed with caution and avoid the most common gray divorce mistakes.

Mistake 1: Failing to Plan for the Future

If you've been married for 10, 20, or even 30 plus years, it is probably hard to imagine life without your spouse. But divorce at any age requires you to think about your future and plan accordingly. This is especially true if you are nearing retirement age. You need to take into account how divorce will affect your retirement savings and benefits, as well as your overall financial picture.

Continue Reading ››

 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.

Continue Reading ››

 Posted on July 18, 2022 in Divorce

The term “gray divorce” has been used to describe divorce involving couples over age 50. There are many special concerns and considerations in a gray divorce. Older spouses often have significant assets and may also have significant debts. They may own real estate, investments, business interests, high-value art or antiques, and other complex assets. Divorcing spouses in their 50s, 60s, and 70s may be planning to retire within a few years or have already entered retirement. They must now determine how the divorce will impact their retirement plans.

One crucial issue in a gray divorce is ownership of the marital home. It can be hard to know whether fighting to keep the home is in your best interests or if it would be better to forgo the home in favor of another option. If you are over age 50 and you plan to divorce, work with an attorney who understands the complexity of a gray divorce case and who has experience successfully representing older adults during divorce.

Continue Reading ››

 Posted on July 08, 2022 in Divorce

Studies show that the divorce rate in the United States has decreased in recent years. However, divorce among older couples is more common than ever. When divorcing spouses are older, they are more likely to have complex financial concerns. They will have to worry about how the split will influence their retirement plans, living situation, and financial future. They may also have adult children and grandchildren who will be deeply affected by the divorce. “Gray divorce” cases are usually more complicated legally, financially, and practically than typical divorce cases. So, divorcing individuals aged 50 or above are encouraged to work with a divorce lawyer experienced in these gray divorce issues.

Read on to learn about common reasons for gray divorce and what you can do if you are ready to end your marriage.

Causes of Gray Divorce in the United States

Each divorce is as unique as the individuals involved. However, researchers have noticed certain themes with regard to gray divorce. Many older couples divorce because of:

Continue Reading ››

 Posted on June 20, 2022 in Divorce

Divorce involving spouses over the age of 50 has been nicknamed “gray divorce.” Although each divorce case has its own unique challenges, gray divorce cases are often especially complex. Older couples often have more significant assets and debts than younger couples. They typically need to address retirement plans and social security, real estate property ownership, tax consequences, and many other issues during their divorce. Additionally, if a divorcing couple owns a family business, they will also need to decide what to do with the business during divorce.

Determining Ownership of the Business in a Divorce

Business owners pour massive amounts of time and energy into their businesses. If you own a family business and are getting divorced, the business is likely a top priority. In a gray divorce, a family business is almost always a marital asset. This means that both spouses’ are entitled to an equitable share of the company’s value.

Continue Reading ››

 Posted on June 10, 2022 in Divorce

Getting divorced later in life comes with unique challenges. The legal and financial issues older couples face are often much more complex than the issues divorcing couples in their 20s or 30s deal with. Fortunately, divorcing couples in Illinois have several options for resolving divorce issues. Divorce mediation is a process during which a couple discusses divorce matters like the division of marital assets and debts in hopes of reaching an out-of-court agreement.

Divorce Mediation Basics

Divorcing spouses often have a hard time discussing important issues in an effective, non-adversarial way. This is completely understandable considering most couples go through months or years of marital turmoil before deciding to file for divorce.

During mediation, a mediator facilitates productive discussion and negotiation. Mediators are skilled in conflict resolution and de-escalation. An experienced mediator can help divorcing spouses identify the issues on which they agree and those issues on which they disagree. He or she can help spouses explore various solutions and, ideally, find solutions both spouses agree to.

Continue Reading ››

 Posted on May 20, 2022 in Divorce

There are many situations where older couples may encounter relationship issues that cause them to consider divorce. However, those who have been married for many years or multiple decades may be hesitant to take the final, irrevocable step of ending their marriage. Starting over late in life may be a daunting prospect, and disentangling the various aspects of a couple’s shared existence may seem like an impossible task, especially when spouses share finances, live together in a home they have owned for a long period of time, and have accumulated a large number of possessions that have a sentimental value for both of them. In some cases, a couple may consider a legal separation instead of legally dissolving their marriage, but when doing so, they will need to understand the advantages and disadvantages of this type of arrangement.

Pros of Legal Separation

A couple may choose to pursue a trial separation as they decide whether they want to proceed with a divorce or whether they may be able to repair their relationship. By taking steps to begin separating from each other, they may be able to set the divorce process in motion, establish separate living arrangements, start to handle financial issues independently, and make decisions about who will own different pieces of property. If they do choose to go ahead with their divorce, this can help them take much of the uncertainty out of the process, and they may be able to avoid disputes that could prolong their divorce or lead to additional expenses.

Continue Reading ››

 Posted on May 12, 2022 in Divorce

Getting divorced at any age comes with financial challenges, but older adults often face a unique set of hurdles when ending their marriage. If you are over age 50 and thinking about getting divorced, you may have questions about property, debt, income, retirement, and more. You may be especially concerned about your ability to access retirement benefits and Social Security income. Regardless of where you are in the separation or divorce process, it is important to know how Social Security and retirement benefits are handled in Illinois divorce cases so you can make the best decisions possible moving forward.

Retirement Assets in an Illinois Divorce

Retirement accounts, including IRAs, pensions, and 401(k)s are treated the same as any other asset in a divorce. Whatever portion of the retirement funds were accumulated during the marriage are marital funds in which both spouses have a stake in. Retirement funds that were accumulated before the couple got married are typically non-marital assets owned solely by the retirement plan holder. However, if the couple had a prenuptial agreement classifying retirement assets as either marital or non-marital, the court will most likely uphold this agreement during a divorce.

Continue Reading ››

 Posted on April 28, 2022 in Divorce

Domestic violence affects every age, race, and income level. Often, some of the most abusive marriages are those that appear perfect from an outsider’s perspective. Sadly, many domestic violence victims stay in abusive relationships because they are afraid to leave. They may not have the financial means to live independently or worry about what people would think if they left the relationship. Others stay with abusive partners because their partners have brainwashed them into thinking that they somehow deserve the abuse. If you are over age 50 and want to end an abusive marriage, a divorce lawyer experienced in domestic violence issues can help.

Abuse is Not Always Physical

One of the most common misconceptions about domestic abuse is that it is always physical in nature. Hitting, kicking, slapping, and pushing are only one form of domestic violence. Per Illinois law, abuse can also involve non-physical forms of harm. In older couples, abuse often takes the form of mental and emotional maltreatment, financial control, and intimidation.

Continue Reading ››

 Posted on April 20, 2022 in Divorce

Being a doctor, dentist, or other medical professional comes with a unique set of advantages and disadvantages. Owning your own practice gives a medical professional a greater degree of control and financial stability, but it also involves significant liability. Gray divorce, or divorce involving spouses aged 50 or older, is already challenging. Divorce involving a business or professional practice is even harder. If you are getting divorced and you or your spouse own a medical practice or other professional practice, it is crucial to understand how this will influence your divorce.

Understanding Ownership of a Professional Practice in a Divorce

Professional practices are treated like other assets in an Illinois divorce. Ideally, spouses will use a prenuptial agreement or postnuptial agreement to specify ownership of a professional practice long before a divorce. However, if no such agreement exists, determining ownership of the practice will be more difficult.

Continue Reading ››