Posted on September 08, 2023 in Divorce Over 50

Divorce always has the potential to be complicated. With divorce for people 50 years or older, this certainly holds true. By the time you have reached your fifties, your life has probably gone through many changes since you first got married. These changes can make it harder to split, financially, physically, and even emotionally. 

If you have been considering a divorce later in life, you might be feeling an added stress that you cannot quite understand. Below is a short list of reasons why this may be. If you are 50 years or older and you are thinking about getting a divorce, a Wheaton divorce attorney can offer you the advice you need to help you make informed decisions.

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 Posted on August 25, 2023 in Spousal Support

Divorcing later in life brings unique financial challenges. Spousal support, also known as alimony or maintenance, can provide important income for older divorced individuals in Illinois. However, securing fair alimony requires understanding your rights and navigating the complex factors considered under state laws.

Illinois Courts Favor Permanent Alimony

When an older couple divorces in Illinois after a long-term marriage, judges will typically order permanent spousal maintenance that continues until the receiving spouse dies or remarries. The goal is to provide financial support similar to the standard of living enjoyed during the marriage.

Illinois judges do not like limiting alimony with a termination date when dealing with older couples who have been married for over 20-30 years. Permanent spousal support aims to prevent major lifestyle reductions after gray divorce.

Length of Marriage Is Key

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 Posted on August 08, 2023 in Divorce Over 50

If you are older than 50 years old and considering divorce, you may feel alone. You may have had friends who got divorced when they were in their twenties and thirties, but you may not know any other couples your own age going through a divorce. While gray divorce can be somewhat more complicated, it is also increasingly common. There are also perks of gray divorce - it is less likely that you will need to worry about child custody concerns, for example. More and more couples are choosing to divorce later in life and start over. While it may be challenging to get divorced at this age, especially if your marriage lasted decades, many older adults find that it is well worth it to be able to live the life they want to, free of an unhappy marriage. There are a number of reasons that an ever-increasing number of adults over the age of 50 are getting divorced, some of which may surprise you. If you are considering a divorce, it is important to work with an attorney who has experience addressing the unique divorce concerns of older couples. 

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 Posted on July 31, 2023 in Spousal Support

Divorce can be a challenging process, regardless of your age. However, if you and your spouse have decided to end your marriage later in life, you may need to address some unique financial and emotional considerations. The issue of spousal support (also known as alimony) may be a significant concern, and you may need to determine whether this form of support will be necessary, how much you may pay or receive, and how long these obligations will remain in effect.

Understanding Spousal Support

In some divorce cases, a court may determine that one spouse has a legal obligation to make ongoing payments to the other spouse after the dissolution of their marriage. Spousal maintenance, as it is known under Illinois law, is designed to help a spouse with a lower income or who has been out of work for an extended period of time continue living at a similar standard to what the couple enjoyed during their marriage. Spousal support can be awarded in both short-term and long-term marriages, but it can be a particularly important issue in a gray divorce.

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 Posted on July 11, 2023 in Adult Children and Divorce

There is quite a lot of information out there designed to help younger spouses going through a divorce care for their minor children throughout the process. While there is no doubt that a parents’ divorce can be challenging for minor children, it can also be challenging for adult children when their older adult parents get divorced. Although your children may not live with you anymore, there will still be changes in the family structure they must cope with. Your children may even have children of their own who may be surprised to learn that their grandparents are splitting. If you have not yet told your adult children about your impending divorce, you may be concerned about how they will react. Although your children are now grown, they are still your children and your divorce may have an impact on them. Knowing how to approach talking to your adult children about your divorce can go a long way towards keeping the peace in your family.

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 Posted on June 28, 2023 in Asset Division

When a couple decides to divorce, one of the most important issues that need to be addressed is the division of their assets. This division may also include any trusts that have been established on behalf of or by either spouse. A trust is a legal entity established to hold and manage assets placed in the trust on behalf of beneficiaries named in the certificate of trust. Depending on the type and the amount of assets contained, trusts can have a significant impact on how assets are divided in an Illinois divorce.

Trust Classification

The first step is determining the classification of the trust. Is the trust separate property and protected from asset division or is it part of the marital estate and subject to that division? Generally, if a trust was established before the couple married or if it was established through inheritance, it is considered separate property. However, if the trust was jointly managed by both spouses and/or contributions into the trust included marital assets, the court may consider it marital property that is subject to division.

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 Posted on May 10, 2023 in Divorce Over 50

Divorce can have a significant financial impact on both parties - especially if the spouses are over age 50. For some divorced individuals, spousal maintenance, Social Security retirement benefits, and retirement funds help relieve some of the financial burden created by divorce. However, retirement benefits are not available until the recipient reaches a certain age. Spousal maintenance is usually temporary and may not provide as much financial support as the individual requires.

Consequently, many older adults facing divorce decide that their best option is to find a job. For those who have been out of the workforce for years or decades, this is no simple matter.

In this blog, we discuss tips for reentering the workforce after a long absence due to spending time as a homemaker or parent.

Inventory Your Skillset

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 Posted on April 11, 2023 in Divorce Over 50

Although divorce ends a marriage and can be an extremely painful time in a person's life, divorce also opens up the opportunity for a new relationship – even when the spouses are older. Cupid's arrow does not always have the best timing, and sometimes a person meets the man or woman of their dreams before their divorce is finalized.

If you are getting divorced and you or your soon-to-be ex-spouse have met somebody new, you may wonder what the laws in Illinois are regarding dating during divorce. Depending on the circumstances, dating somebody before your divorce is over could have significant consequences.

Is Adultery Against the Law?

Being in a relationship with somebody else while you are still married is technically adultery - even if you are in the midst of a divorce. Theoretically, Illinois does have an adultery law on the books. However, the law has not been enforced in decades. Illinois courts understand that relationships are complicated and that dating somebody while you are still married is not terribly uncommon. So, you do not have to worry about facing criminal charges for dating somebody while you are still married. That being said, it is still possible for an extramarital relationship to affect your divorce case.

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 Posted on March 28, 2023 in Prenuptial and Postnuptial Agreements

Individuals over 50 are getting divorced at a faster rate than any other demographic. Although divorce closes the door to one relationship, it often creates an opportunity for a new relationship. If you are getting remarried later in life, you may want to consider a prenuptial agreement. A prenuptial agreement can be beneficial for anyone of any age and life circumstance. However, prenuptial agreements are especially important for individuals in their second or third marriages.

Benefits of a Prenuptial Agreement

A prenuptial agreement can provide clarity and protection from the financial uncertainty that often accompanies a marriage. It is essential to consider this legal document if you are getting remarried after 50, as it will help protect your assets and set a foundation of understanding between you and your soon-to-be spouse. By having a prenuptial agreement in place before the wedding ceremony, both parties will understand their rights and obligations in the event of a divorce.

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 Posted on March 17, 2023 in Asset Division

When you have a family business and are getting divorced later in life, the situation can be especially complicated. A family business is not just another asset to divide up, it is much more than that. Consequently, deciding how to handle a family business during a gray divorce can be extremely difficult, legally and emotionally.

An Accurate Valuation is Usually the First Step

Before you can decide how to handle the family business during your divorce, you will need to determine its value. This means obtaining a professional business valuation. It is important to get an accurate and detailed appraisal so that you have a clear sense of the company's worth before making any decisions about it.

Determining Ownership and Division

Once you have determined the value of your family business, the next step is to decide who will retain control over it. Depending on the size of the business and its value, you might opt to sell it off and split the profits. This is a popular choice for those who want a fresh start or need to use the proceeds to pay off joint debt during the divorce. Of course, it can be very hard to give up a business that you have likely poured years of time and energy into.

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