Posted on May 10, 2023 in Divorce Over 50

Divorce can have a significant financial impact on both parties - especially if the spouses are over age 50. For some divorced individuals, spousal maintenance, Social Security retirement benefits, and retirement funds help relieve some of the financial burden created by divorce. However, retirement benefits are not available until the recipient reaches a certain age. Spousal maintenance is usually temporary and may not provide as much financial support as the individual requires.

Consequently, many older adults facing divorce decide that their best option is to find a job. For those who have been out of the workforce for years or decades, this is no simple matter.

In this blog, we discuss tips for reentering the workforce after a long absence due to spending time as a homemaker or parent.

Inventory Your Skillset

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 Posted on April 26, 2023 in Divorce Over 50

The term gray divorce refers to a divorce involving individuals over the age of 50. Many people are surprised to learn that divorce among older people is extremely common. In fact, the divorce rate for this demographic has risen more than for any other age range.

If you are planning to end your marriage and you are over age 50, make sure you understand how gray divorce differs from divorce involving younger couples. Work with an experienced lawyer who understands these complexities.

Older Couples Often Have Greater Wealth

One major difference between gray divorce and traditional divorce is that couples in their 50s or older often have far more assets than younger couples. Instead of having a rental and a few modest possessions, an older couple may have a main home as well as a vacation home, significant investments, jewelry and other valuable possessions, retirement accounts, and more.

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 Posted on April 11, 2023 in Divorce Over 50

Although divorce ends a marriage and can be an extremely painful time in a person's life, divorce also opens up the opportunity for a new relationship – even when the spouses are older. Cupid's arrow does not always have the best timing, and sometimes a person meets the man or woman of their dreams before their divorce is finalized.

If you are getting divorced and you or your soon-to-be ex-spouse have met somebody new, you may wonder what the laws in Illinois are regarding dating during divorce. Depending on the circumstances, dating somebody before your divorce is over could have significant consequences.

Is Adultery Against the Law?

Being in a relationship with somebody else while you are still married is technically adultery - even if you are in the midst of a divorce. Theoretically, Illinois does have an adultery law on the books. However, the law has not been enforced in decades. Illinois courts understand that relationships are complicated and that dating somebody while you are still married is not terribly uncommon. So, you do not have to worry about facing criminal charges for dating somebody while you are still married. That being said, it is still possible for an extramarital relationship to affect your divorce case.

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 Posted on March 28, 2023 in Prenuptial and Postnuptial Agreements

Individuals over 50 are getting divorced at a faster rate than any other demographic. Although divorce closes the door to one relationship, it often creates an opportunity for a new relationship. If you are getting remarried later in life, you may want to consider a prenuptial agreement. A prenuptial agreement can be beneficial for anyone of any age and life circumstance. However, prenuptial agreements are especially important for individuals in their second or third marriages.

Benefits of a Prenuptial Agreement

A prenuptial agreement can provide clarity and protection from the financial uncertainty that often accompanies a marriage. It is essential to consider this legal document if you are getting remarried after 50, as it will help protect your assets and set a foundation of understanding between you and your soon-to-be spouse. By having a prenuptial agreement in place before the wedding ceremony, both parties will understand their rights and obligations in the event of a divorce.

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 Posted on March 17, 2023 in Asset Division

When you have a family business and are getting divorced later in life, the situation can be especially complicated. A family business is not just another asset to divide up, it is much more than that. Consequently, deciding how to handle a family business during a gray divorce can be extremely difficult, legally and emotionally.

An Accurate Valuation is Usually the First Step

Before you can decide how to handle the family business during your divorce, you will need to determine its value. This means obtaining a professional business valuation. It is important to get an accurate and detailed appraisal so that you have a clear sense of the company's worth before making any decisions about it.

Determining Ownership and Division

Once you have determined the value of your family business, the next step is to decide who will retain control over it. Depending on the size of the business and its value, you might opt to sell it off and split the profits. This is a popular choice for those who want a fresh start or need to use the proceeds to pay off joint debt during the divorce. Of course, it can be very hard to give up a business that you have likely poured years of time and energy into.

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 Posted on February 24, 2023 in Health Issues and Divorce

Divorce can have an impact on many different parts of your life, no matter your age or the stage of life you are in. However, for older individuals, getting divorced can be equally liberating and frightening because while you might be relieved to finally be leaving an unhappy or even abusive marriage, you may also be stressed about the impact of divorce on many areas of your life, including your health.

Research suggests that these worries are not unfounded. Divorce can be very hard on a person’s health, but it does not have to be. Here are some tips for protecting your health, both physical and mental, during and after divorce.

Ways to Protect Yourself Following a Divorce Later in Life

One of the first things to understand about the negative impacts of divorce on health is that the most profound effects are felt in the short term. Keeping perspective, then, can help you remember that the initial stages of divorce are the hardest, that they will not last forever, and, if you take steps to protect your health, you can come out the other side better prepared to care for your mind and body.

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 Posted on February 15, 2023 in Divorce Over 50

One of the most important considerations when thinking about divorce is its potential impact on your finances. When a couple gets divorced in Illinois, they need to divide their marital assets; even after a fair asset division, however, one or both partners may be left without the financial resources they need to live on their own or retire. This could necessitate reentering the workforce, which can be an intimidating prospect for some, especially if they have not been working for many years. But going back to work is possible, and many employers are glad to have the experience, perspective, and work ethic that younger workers are often missing. Here are six tips for successfully reentering the workforce after divorce.

Tips for Getting a Job After 50

Although many have rightfully complained about workplace discrimination against older individuals, in many ways there has never been a better time to go back to work as an experienced or even inexperienced worker. There is a current shortage of available workers that is only projected to increase, and many companies are willing to give even those without significant work experience a chance to make a contribution. Experts suggest using these six tips to your advantage if you need to go back to work:

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 Posted on January 27, 2023 in Retirement

Because most people get married with the intent to stay married for the rest of their lives, very few plan on getting divorced. This means that even few have a backup financial plan for divorce, which is notoriously tough on savings and income. This often leaves older divorced individuals without much in the way of retirement savings or with far less than they thought they would have.

Does this warrant delaying retirement or giving it up altogether? After all, you likely have half of your former asset portfolio and your expenses may have doubled or gone up even more than that. As with most legal situations, the answer depends on your specific circumstances and long-term goals. Speaking with an Illinois divorce attorney who has experience managing divorce later in life can help you determine what is best for you.

How Are Assets Divided in a Gray Divorce?

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 Posted on January 12, 2023 in Divorce Over 50

Even when a relationship is unhappy or abusive, people often stay together for many years. After decades in a marriage with someone you know so well, the prospect of getting divorced can be liberating - and terrifying. The financial aspect of divorce later in life rightfully gets attention, but the emotional aspect of a so-called “gray divorce” can be equally difficult to process and overcome. However, it is possible - and experts have the advice to help you get through it.

How Can I Get Through Divorce Later in Life?

Although the overall divorce rate remains high, this is surprisingly mostly attributable to adults who are getting divorced later in life, making it all the more important to understand strategies for overcoming the stress of separating from a long-term partner. Experts suggest the following:

• Build a community - One of the reasons people stay divorced is to combat feelings of loneliness, especially later in life. But research suggests that unhappy marriages can be even more damaging than the loneliness of divorce - and, after all, divorce does not have to necessarily be lonely. But building a community takes intention and effort, so experts suggest starting early by seeking connections with like-minded people who share your values. Churches, clubs, and volunteer organizations are all great ways to do this.

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 Posted on December 29, 2022 in Asset Division

As Illinois is an equitable division state, divorcing spouses do not necessarily need to divide their assets and debts in a 50-50 equal split. When it comes to asset division, Illinois couples are encouraged to craft a divorce settlement that is equitable for both parties. Equitable does not inherently mean equal. An equitable division of assets is one that is fair and representative of the interests of both spouses.

While an equitable division of assets between spouses can be structured as a 50-50 split of a marital estate’s value, such an agreement does not have to be structured in this way. Carefully considering what equitable means in the context of your unique relationship will help your attorney to secure a favorable asset division settlement as efficiently and effectively as possible.

The Bottom Line

If you are an older adult living in Illinois and you and your spouse have decided to divorce, you have a number of considerations to ponder when crafting the terms of an equitable asset division agreement. If it is apparent that you and your spouse will not be able to work through any fundamental differences without judicial intervention, you will want to develop the strongest possible arguments in pursuit of a favorable judgment. In either scenario, working with a skilled family law attorney can help to ensure that you receive your fair share of your marital estate.

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