Considerations for Divorces Involving Long-Married Spouses

 Posted on January 09, 2023 in Divorce

There is no question that divorce is rarely ever easy, regardless of how long you and your spouse have been married. However, if you and your spouse have been married for a long time, the drastic changes that come with divorce and the long list of things that must be sorted out will likely be more complex and burdensome than a married couple divorcing after just a year or two of marriage. Sometimes, a marriage may drag on for years or even decades because neither partner wants to deal with the divorce and all the issues that a divorce will entail. 

There tend to be additional divorce concerns for older adults who are leaving their marriages. In this blog, we will take a closer look at what some of those concerns may be. Notably, contacting a knowledgeable divorce attorney can make all the difference in the world if you are interested in pursuing a divorce. While nothing will make the process easy per-say, having a lawyer by your side to advocate for you and your best interests will likely make the process smoother overall. 

What to Consider When Leaving a Long Marriage

If you are in a long-term marriage, you likely have settled into a routine that is years, maybe even decades, in the making. Divorce will upend this routine entirely, which you need to be ready for. Additional special considerations for people leaving long-term marriages include the following:

• Marital property – Since you have been married for a long time, much of what you own is likely marital property. As a result, when it comes time to split up the property, the process will likely be more complicated than it would be for a couple divorcing after only a couple of years. Marital property is owned jointly by both spouses. You may choose to sell the marital property and split the proceeds or divide assets between you and your spouse.

• Retirement accounts – Be aware that contributions made to a retirement account by either person during the marriage will be considered marital property, regardless of whose income was used to fund the account. You will likely need to split the retirement savings using a Qualified Domestic Relations Order.

• Residence – If you and your spouse have lived in your house for a long time, moving out may be profoundly upsetting. Unfortunately, unless you can remain in the same home with your soon-to-be ex, one of you will need to leave the house. Long-time married couples may decide to sell their marital home and then split the profit between them so that each can find a new place to live. This type of arrangement is often viewed as fairer than forcing someone out while the other person stays. However, it may make more financial sense to keep the home depending on your circumstances.

Contact a Cook County Divorce Attorney 

At The Law Office of George J. Skuros, we understand the unique considerations that involve divorces between long-time married couples. Our compassionate Chicago divorce lawyers will work with you every step of the way to help ensure the process is as smooth as possible for you. Call 312-884-1222 for a free and private consultation.

Source:

https://www.investopedia.com/personal-finance/mistakes-avoid-when-divorcing-over-50/