Four Challenges Couples Face During a Gray Divorce

 Posted on May 18,2022 in Divorce

For various reasons, the rate of divorce among couples over the age of 50 continues to grow. While many divorces have specific characteristics in common, some issues become more pronounced for older couples. Child support and child custody arrangements may not be as common, but couples can face more significant challenges related to spousal support, division of marital property, retirement savings and Social Security, and complex financial situations.

Common Issues When Couples Divorce Near Retirement

With the complexities that older couples face, it is essential that you work with an attorney who is experienced in dealing with gray divorces and the issues they may face. Here are some of the more common issues to consider during your divorce.

Retirement savings and Social Security – For couples approaching retirement, assets such as 401(k)s, IRAs, and pensions take on greater importance. The portion of the retirement funds acquired during the marriage are divided equitably during a divorce, not solely to the spouse who earned or contributed to the accounts. Divorced parties may also be entitled to Social Security benefits based on their ex’s work history. However, your marriage must have lasted for at least ten years, and the benefits are not eligible to be divided until two years after your divorce is finalized.

Spousal maintenance or alimony – Spousal support, also known as maintenance or alimony, is awarded in some Illinois divorces. However, there can be additional spousal support challenges in divorces with older individuals. Often, one spouse may have stayed at home and helped raise the children and did not focus on their career. They may have more difficulty gaining the experience or training needed to reenter the workforce and require more spousal support. Spousal support payments can last indefinitely for an Illinois marriage that lasted over twenty years.

Division of marital property – The longer you have been married, the more likely you will have accumulated significant assets. This can make the process of dividing property and assets more complicated. Since older individuals have less time to save for their future, this also puts more importance on how marital property is divided.

Complex financial situations - Older individuals are more likely to have an ownership stake in a business, own real estate properties, and have significant assets or savings, which can complicate a divorce. It is essential to work with legal and financial experts to help sort through these complex issues.

Contact a North Shore Lawyer For Gray Divorces

The The Law Office of George J. Skuros knows the unique challenges that couples over 50 years old face when they divorce. We can work with you, provide legal support, and advocate for your best outcome. Call our Chicago divorce attorney for older couples at 312-884-1222. We offer free, confidential consultations. 

Source:

https://www.ilga.gov/legislation/ilcs/ilcs4.asp?DocName=075000050HPt%2E+V&ActID=2086&ChapterID=59&SeqStart=6200000&SeqEnd=8600000