Yorkville Grey Divorce Attorneys

Lawyers Helping People Over the Age of 50 During Divorce in Yorkville, IL

A growing number of couples are choosing to end their marriages after age 50, which is known as "grey divorce." Some spouses may grow apart after their children leave home, or others realize that their plans for retirement are different. Whatever the reason for the end of a marriage, a couple that decides to get a divorce later in life may encounter financial and personal questions that would not affect younger couples. Decisions about retirement assets, Social Security, health insurance, and other divorce-related issues can affect a person for the rest of their life, so it is important to approach a grey divorce the right way.

At Gateville Law Firm, we work with clients over the age of 50 who have decided to end their marriages, helping them take steps to protect their futures. Our attorneys understand how to address concerns related to retirement plans, taxes, estate planning, and more. We listen carefully to the issues that affect our clients, help them understand their options, and work to negotiate divorce settlements that will meet their needs later in life.

Why Divorce After Age 50 Is Different

Less Time to Rebuild

A 35-year-old who gets a divorce will likely have several decades in which to rebuild and prepare for their retirement. However, A 60-year-old may have only a few years before they plan to retire, so they may need to take steps to protect their financial interests as they prepare for the future after their divorce.

Decades of Intertwined Finances

When a couple has been married for a long time, they are likely to have accumulated more property. They may own multiple types of complicated financial accounts, and they may have spent years mixing the assets they own together. Tracing different types of assets and determining how to divide property in a divorce can be a complex undertaking.

Adult Children and Family Relationships

Child custody may not be an issue for older couples, but adult children may still be affected by their parents' divorce. Some parents may need to determine how to address the costs of their children's college education, or they may need to provide ongoing support for a child with a disability. Older couples may also want to take steps to preserve relationships with grandchildren or other family members and avoid conflict as much as possible.

Assets to Address in a Gray Divorce

During the divorce process, a couple will need to divide all of their marital property equitably. Older couples may have a wide variety of assets that they will need to divide. These assets may include:

The Marital Home

After years of marriage, a couple may own their home outright. While one spouse may wish to keep the house due to its sentimental value, this could leave them with a valuable property but little cash to address ongoing expenses. While selling the house may be an option, it can lead to tax consequences. Our lawyers can advise clients on the benefits and drawbacks of maintaining ownership of a home or selling a house during divorce.

Pensions and Retirement Accounts

Retirement savings will often be among a couple's largest marital assets. The funds in retirement accounts or the portion of a pension earned during a couple's marriage will typically be considered marital property. These assets may be divided between spouses, but the right steps will need to be taken when doing so. Our attorneys can help clients use Qualified Domestic Relations Orders (QDROs) or other methods to divide retirement assets correctly, and we can provide guidance on the steps they can take to protect their financial interests.

Investments, Annuities, and Life Insurance

Assets such as brokerage accounts, annuities, and life insurance policies with cash value may need to be considered during a grey divorce. A couple will need to understand the tax consequences of dividing different assets. Our lawyers can provide guidance on how clients can minimize losses and maintain ownership of the assets they need to support themselves.

Inheritances and Commingled Funds

If a spouse received an inheritance during a couple's marriage, it will generally be considered non-marital property. However, if an inheritance was mixed with marital assets, such as when money was deposited into a joint account or used to pay off a mortgage, some or all of the funds may be treated as marital property.

How Issues Related to Retirement Can Affect a Grey Divorce

When a couple gets a divorce before retirement, a person may want to take steps to ensure that they will have the financial resources needed after they retire. They may need to consider how dividing retirement accounts or other assets with their spouse will affect the financial resources that will be available to them in the years to come. These issues can become even more complex if one or both spouses have already retired, and close attention will need to be paid to the ongoing income both parties are receiving, the expenses that will need to be paid, and the steps that can be taken to maintain financial stability.

Social Security Benefits

After retirement, a person will be able to receive Social Security based on the income they earned over their career. In some cases, a person may need to take steps to claim benefits based on the income earned by their ex-spouse. This may be necessary if a person did not work during their marriage or earned a lower income than their spouse. In general, if a couple was married for at least 10 years, and a person has not remarried, they will be able to collect benefits based on their former spouse's work record. This will not reduce the benefits that the other spouse can receive.

Maintenance After a Long Marriage

In some grey divorces, spousal support may be a factor. If one spouse earned the majority of the couple's income during their marriage, they may be required to pay ongoing support to the other spouse. In marriages that lasted 20 years or longer, Illinois courts may order spousal maintenance to be paid for an amount of time equal to the length of the marriage, or support may last indefinitely. After the retirement of one or both spouses, steps may need to be taken to modify spousal support.

Updating an Estate Plan in a Grey Divorce

When getting a divorce, it is important to thoroughly review estate planning documents. A person may want to update their will to ensure that their assets will be distributed correctly to their children or other loved ones. They may also need to update powers of attorney to remove their ex-spouse as the agent who would be able to make decisions on their behalf. Updates may also need to be made to trusts, beneficiary designations, or other documents.

Our attorneys can help clients understand what changes they can make to ensure that their estate plans reflect their current situations and their plans for the future. We can assist in updating a will, establishing new powers of attorney for property and health care, choosing a new trustee for a trust, reviewing beneficiary designations on retirement accounts, life insurance, and annuities, and making any other necessary changes.

Frequently Asked Questions About Grey Divorce

Contact Our Yorkville, Illinois Grey Divorce Lawyers

When you get a divorce later in life, you may need to address issues related to retirement, complex assets, spousal support, and more. With careful planning, you can move into the next chapter of your life with confidence while maintaining financial stability. At Gateville Law Firm, we can help you protect your interests as you take steps to complete the divorce process. Contact our Yorkville, IL divorce over 50 attorneys at 630-780-1034 to schedule a consultation.