Challenges to Consider During a Gray Divorce

 Posted on April 29,2022 in Criminal Law

As divorce after the age of 50 becomes more common, it is becoming clear that the issues facing couples who split later in life may be different from those whose divorce occurs in their twenties, thirties, or forties. Child custody and child support are less likely to be issues, unlike if you had divorced when your kids were younger. However, new challenges on how to divide marital assets, handle spousal support, and plan for retirement savings and social security are more common.

Three Common Issues When Couples Divorce Near Retirement

• Spousal maintenance or alimony – While alimony itself is not an uncommon issue to tackle during a divorce, there are additional challenges for older individuals. If one of the spouses has limited or no recent work experience, it can be more difficult to get the opportunities to learn new skills or receive training to start or restart a career. This has a bigger influence on the calculation of spousal maintenance.

• Division of marital property – Like spousal maintenance, dividing marital property in a gray divorce. While you may have accumulated more assets by this stage in your life, you also have less time to save more for the future. This puts more emphasis on how existing property is divided.

• Retirement savings and Social Security – As you are nearing retirement, the assets that you have in your retirement accounts, including IRAs, 401(k)s, and pensions, start to take on greater importance. This is only magnified during a divorce. Since Illinois is an equitable distribution state, where assets in a divorce are divided fairly not equally, this makes the division of retirement accounts that much more complicated. If you were married for ten or more years, you may be eligible for your spouse’s Social Security benefits, but not until two years after you are divorced.

Given the complexities that face divorcing couples over the age of 50, it is essential that you work with attorneys who understand the issues that you will be facing and can help ensure you will successfully move onto the next chapter of your life.

Contact a Will County Lawyer For Divorce Near Retirement

If you are considering a divorce and you are over 50, we can help you address the unique challenges that you may face. You can trust the Joliet divorce attorneys of Reeder & Brown, P.C. to use their experience to navigate the process with you and focus on the best outcome. Call our office at 815-885-5980 to schedule your free confidential consultation with us today.

Source:

https://www.forbes.com/sites/margueritacheng/2019/02/28/4-main-challenges-of-a-grey-divorce/?sh=1210e1303e0d