Posted on May 20, 2021 in 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

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 Divorce

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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 Posted on April 02, 2021 in Divorce

If you have reached middle age or have been married for decades, the prospect of divorce can be difficult to contemplate. After spending so much of your life with your spouse, striking out on your own and building a new life as a single person will likely seem like an impossible task. If you are not ready to take the irrevocable step of ending your marriage, you may want to consider a legal separation instead.

Legal Separation in Illinois

If you choose to pursue a legal separation, you and your spouse can address many of the same issues as you would during a divorce, but you will remain legally married. This may provide multiple different types of benefits for both of you. For example, both spouses will be able to maintain coverage under a single health insurance plan, and you will be able to inherit property from each other if one party passes away. A legal separation may also be preferable if you do not wish to get divorced for religious or cultural reasons. However, if either you or your spouse wish to get married to a new partner, you will need to legally terminate your marriage through divorce.

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 Posted on March 26, 2021 in Divorce

When getting divorced later in life, you may encounter a variety of financial issues related to your marital home, your retirement savings, or other parts of your life. In addition to determining how to divide your marital assets, you should also be aware of the tax consequences of the decisions you make during your divorce. Unfortunately, even if you believe that you have addressed these matters properly, tax debts are an issue that may come up after your divorce is finalized. In these cases, you will want to understand your options and determine whether you qualify for relief from your spouse’s tax debts.

IRS Tax Liabilities and Innocent Spouse Relief

Even if your divorce settlement or judgment specified that your spouse would be responsible for paying tax debts, the IRS may still take action to collect money from both of you. If you and your spouse filed joint tax returns, and the IRS determines that you owe taxes based on errors or misreported information, both of you will be equally liable for paying the amount owed.

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 Posted on March 19, 2021 in Divorce

While it is true that first-time marriage rates are much lower these days than they were in years past, once these married couples get a divorce, they are more likely to get remarried if between the ages of 25 and 45 as opposed to above the age of 50. After going through a gray divorce, many couples find their single lives to be quite satisfying. In fact, only 15% of divorced or widowed women at these ages want to remarry (according to Pew) and only 29% of men. Both men and women alike simply do not want to run the risk of another failed marriage, especially so late in life. Although this seems contrary to commonly held beliefs, there are plenty of practical reasons why staying single might be the right decision for you.

1. It helps you keep most financial benefits of a now-dissolved marriage. If you remarry after you are retired, you might end up losing many significant financial benefits earned after the divorce, including retirement income, social security benefits, healthcare coverage, and life insurance benefits.

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 Posted on February 26, 2021 in Divorce

Those going through a divorce often give significant thought to moving to another city or state so they can get a fresh start. Actually moving, of course, requires careful consideration of many different factors, including the prospects of finding a job, the quality of school districts, and more. For those who are over age 50, however, the factors that could affect the decision to move away are often considerably different than they might have been at an earlier point in their lives. A qualified older divorce lawyer can help you decide on the best course of action for your unique situation.

Things to Think About Before Moving

As you think about where you would like to live after your divorce, you may be thinking about the same places you were considering during your marriage for your retirement years. For example, many older couples plan to move somewhere warm—such as Florida or Arizona—when they retire. Such places could be fine if you have sufficient retirement savings, but restarting after a divorce in those places might be more expensive than you can handle on your own. Other considerations are important as well.

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 Posted on February 05, 2021 in Divorce

Divorce is a mentally and emotionally taxing process, but it can also have an adverse effect on your health. In fact, a recent study found an increased risk of heart problems among divorced women. This can be especially concerning for women who are nearing or at retirement age and are considering a divorce. It is important to understand this risk and how you can effectively manage it during and after your divorce.

Understanding the Risk

Published in the journal Circulation: Cardiovascular Quality and Outcomes, the cumulative study examined the data of divorced and married women over the course of 18 years. Results showed that heart attack risks among divorced women increased by 24 percent after one divorce, and an alarming 77 percent if they went through a second divorce. This remained true, even after researchers adjusted for social and physiological risk factors of heart disease, such as age, changes in occupation, body mass index, health insurance coverage, and diabetes. Furthermore, remarriage did not diminish the likelihood of a heart attack. 

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 Posted on January 22, 2021 in Divorce

If you are over the age of 50 and you are going through a divorce—or you have recently finalized your divorce—finding a new romantic partner may be the furthest thing from your mind. Sometimes, however, life throws curveballs, and the perfect person for you may come along when you least expect it. There is also the possibility that you have been emotionally checked out of your marriage for many years prior to your divorce, so you might actually be ready to look for love again as your divorce finalizes. Either way, there are some things you should know before you commit yourself to finding a new serious relationship in the wake of an older divorce.

Spousal Support Considerations

Legal professionals and relationship experts generally agree that it is best to put off getting into a serious romantic relationship until your divorce is completed. Ultimately, however, the decision is up to you, but you need to be careful because certain decisions could affect your financial future more than you might expect.

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 Posted on January 08, 2021 in Divorce

For many divorcing couples, one of the most contentious issues is figuring out which spouse will keep the marital home or if keeping the home is even possible. The financial aspect of the decision is also important. When you share a mortgage with your spouse, ending his or her responsibility is not quite as easy as taking your spouse’s name off the loan. If you wish to keep the house, you will likely need to get a mortgage in your name alone, which could take months or years to do. This can present especially difficult challenges if you are getting divorced as you approach retirement as well, so it is important to plan properly.

Is Keeping the Home Even Reasonable?

Your marital home is likely to have a great deal of sentimental value, particularly if you raised your family in that house. It is understandable that you might want to keep the home following your divorce, but the first question you should ask yourself is if it is reasonable for you to stay in the home. For example, if your marital home is a large, 4-bedroom house on several acres, do you really want to live there and care for the property on your own? If your children are still teens and would be living with you, that is one thing, but if they have grown up and moved to various parts of the country, could you handle the responsibilities of managing the home alone?

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