Posted on March 31, 2022 in Divorce

For many people going through a divorce over 50, reentering the workforce is an intimidating but necessary reality. While, in some cases, spousal support may be enough to meet your financial needs, many divorced individuals over 50 must find another source of income. You may be restarting a career that you put on hold while raising kids and managing your home. In some cases, you may be entering the workforce for the first time. The positive news is that you can use tools to make this transition more successful as you look to find a fulfilling and financially rewarding job after your gray divorce.

Opportunities for Job Search Assistance

1. There is often assistance for job seekers available in your local community. Many cities and counties have employee assistance programs to help you with resume preparation, interview techniques, and job search tools. Sometimes these are offered through your local library, school district continuing education programs, or a community college. These can include courses to improve or enhance your proficiencies in specific marketable skills, such as computer programs or other training.

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 Posted on March 17, 2022 in Divorce

Many married couples divide household chores and responsibilities between the spouses. One spouse may do the cooking and cleaning while the other spouse handles home repairs and lawn care. This division of labor often extends to financial concerns as well. One spouse may handle most if not all of the banking, bill paying, and other financial matters, while the other spouse deals with other responsibilities.

If you are getting divorced over age 50 and you have not been involved in financial decision-making, this can leave you vulnerable during a divorce. It is important to know your rights and retain skilled legal counsel.

Tip #1: Gather Financial Documents and Make Copies

Many divorcing spouses do not know details about their assets and debts. If this describes you, it is important to start educating yourself about your financial situation. You cannot make sound decisions about retirement assets, ownership of the marital home, and other crucial financial matters if you do not have a clear picture of what you own and what you owe. Take some time to gather tax returns, retirement account statements, bank statements, credit card statements, and other financial documents. Make copies of these documents for later reference during the divorce.

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 Posted on February 25, 2022 in Divorce

Statistics demonstrate that intimate partner violence affects married couples of all ages, ethnicities, and income levels. Some studies show that the frequency and severity of abuse increase as couples age. Sadly, the longer a spouse tolerates abusive treatment, the less likely he or she may be to leave his or her spouse. Many older adults worry that they will not be able to afford to live on their own. They may also be convinced that they somehow deserve to be mistreated due to years of manipulation from the other spouse.

It takes a tremendous amount of courage to divorce an abusive spouse. If you are ready to leave an abusive spouse, know that you do not have to face this alone. A divorce lawyer with experience in gray divorce matters and domestic violence can be your legal advocate and guide you through the divorce process.

Orders of Protection for Abuse Victims in Illinois

Many people are afraid to leave an abusive spouse because they fear retaliation. If you are currently being abused, threatened, or harassed by your spouse, consider getting an order of protection. In Illinois, emergency protection orders are often available on a same-day basis. An Emergency Order of Protection (EOP) can require your spouse to:

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 Posted on February 07, 2022 in Divorce

Prenuptial agreements or “prenups” are often misunderstood. Some people believe that prenups are only needed if the couple is extremely wealthy. Others assume that no one who takes their marriage vows seriously would ever get a prenuptial agreement. Fortunately, more and more engaged couples are seeing beyond these misconceptions and realizing that prenuptial agreements offer a multitude of benefits to both spouses.  Prenuptial agreements can be especially beneficial if the couple is older and has previously been married.

Advantages of Using a Prenup for Your Second or Subsequent Marriage

If you are divorced and planning on remarrying, a prenuptial agreement may be useful in several ways, including:

Classifying assets - A prenup allows a couple to classify property as marital or non-marital. Marital property is jointly held by both spouses. Non-marital or separate property belongs only to the spouse who originally owned the assets.  If you eventually get divorced or a spouse passes away, a prenuptial agreement ensures that the property is divided in the way you specify. Without a prenup, property may be divided according to Illinois property division laws. Many spouses want to ensure that certain assets, such as business interests, real estate, or family heirlooms are classified as non-marital assets.

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 Posted on January 25, 2022 in Divorce

Some couples are only married a few months to a few years before they divorce. Others are married 10, 20, or even 30+ years when they make the decision to split. No divorce is easy, but divorcing after a long marriage can make it feel like your world is getting turned upside down.

If you are thinking about divorce and you have been married for over 20 years, the road ahead may look ominous. However, it is important to remain hopeful and positive. One of the best things you can do to prepare for a “gray divorce” is to know what to expect.

Property and Debt Division for Divorce After a Long-Term Marriage

Typically, the longer a couple has been married, the greater their shared assets and debts. In Illinois, property and debts collected by either spouse during the marriage are included in the marital estate. This means that both spouses are entitled to an equitable share of the property and debt accumulated during the marriage. Property identified as non-marital property through a prenuptial agreement, inheritance, and certain gifts are excluded from the marital property. You and your spouse may need to address retirement funds, savings accounts, investments, real estate, and more during your divorce. A divorce lawyer can help you understand and evaluate your options for dividing property between you and your spouse.

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 Posted on January 06, 2022 in Divorce

The decision to divorce is a deeply personal one. Understandably, many people think about divorce for years or even decades before finally calling it quits.

Divorce is usually associated with couples in their 30s and 40s. However, studies show that the divorce rate for this demographic is declining. Contrarily, the divorce rate for those over age fifty has doubled. Even more surprisingly, the rate of divorce for couples over age 65 has tripled in the last several decades.

If you find yourself facing divorce in your 50s, 60s, or 70s, you will most likely face a unique set of divorce challenges. It is important to work with a divorce lawyer who understands how to tackle these challenges.

Some Older Couples Simply Grow Apart Over Time

The person you are as a 60- or 65-year-old probably varies significantly from the person you were as a 25-year-old. Your values, ambitions, and even your personality may have changed dramatically over the decades. Sometimes, couples simply grow apart over the years.

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 Posted on December 28, 2021 in Divorce

While divorce can be difficult at any age, if you are over the age of 50, you may experience some unique issues as you end a long-term marriage and determine how to move forward with your life. Starting over later in life will require you to make a number of major changes that may affect your living situation, your finances, and your relationships with friends and family members. As you establish a new life for yourself following a gray divorce, you may feel that you are ready to begin looking for a new partner, or you may want to explore short-term or casual relationships. When exploring your opportunities for dating after divorce, you will want to keep the following tips in mind:

• Be sure you are ready - Before jumping into the dating world, you will want to make sure you really want to take this step. If you are feeling lonely, or if you are unsatisfied with your post-divorce life, you may want to work on yourself first and find ways to be happy on your own before beginning a new relationship. By focusing on maintaining your health and doing things you enjoy, you can build a positive life for yourself, and this will help you be a better partner when you do choose to begin dating again.

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 Posted on December 21, 2021 in Divorce

While divorce can be a complex and difficult matter for any couple, spouses who are over the age of 50 may experience some unique challenges when they choose to end their marriage. Throughout a lengthy relationship, a couple is likely to acquire multiple forms of property, and they may disagree about how these assets should be divided. In many cases, a couple’s family home will be one of their most valuable assets, and both spouses may have emotional attachments to the home. This can lead to contentious disputes about homeownership. During a gray divorce, spouses will need to understand their rights toward their home and other property, the options for addressing ownership of their assets, and the issues that may arise as they work to dissolve their marriage.

Dividing the Marital Home During a Gray Divorce

If an older couple has been married for many years, they may own significant equity in their family home. Since marital assets will include any property acquired during a couple’s marriage, this equity will be considered marital property, even if only one spouse’s name is on the home’s title. All marital assets will need to be divided between the spouses, and each party must receive a fair and equitable share of the marital estate. 

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 Posted on November 30, 2021 in Divorce

While divorce at any age can put a person in a difficult financial position, those who get divorced while over the age of 50 may be especially concerned about their ability to support themselves. In cases where a spouse did not work during their marriage, they may be unsure about whether they will be able to get a job this late in life that will allow them to earn enough income to provide for their needs. If one spouse earned the majority of a couple’s income, the other spouse may have relied on them to cover ongoing expenses, and they may worry that they will not be able to support themselves on their own. Spouses who have already retired or who are approaching retirement age may also be worried about whether they will be able to receive the necessary benefits to cover their ongoing expenses. Depending on a couple’s circumstances, spousal support may be awarded to ensure that a spouse with limited financial resources will be able to meet their needs.

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 Posted on November 17, 2021 in Divorce

In recent years, the rates of divorce for spouses over the age of 50 have increased significantly. These cases, which are often referred to as “gray divorces,” may occur for a number of reasons, including increased levels of financial independence for women, couples choosing to delay breakups until children are grown, or changes in spouses’ priorities and goals over the course of years of marriage. Older spouses who are planning to get divorced will need to consider a number of financial issues, including how their choice to end their marriage will affect their plans for retirement.

Divorce Before Retirement

Plans for retirement are an important consideration throughout a person’s career. In many cases, a person will save money in a retirement account such as a 401(k) or IRA with the expectation that they will be able to use this money to support themselves when they are no longer working. A person may also work in a pension-eligible position, and after they retire, they will be able to receive ongoing pension payments. However, a divorce when a person is nearing retirement may affect the money saved in retirement accounts or the pension benefits a person will receive, and they may need to adjust their plans for retirement accordingly.

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