Common Property Issues You May Come Across During Your Gray Divorce

 Posted on March 09, 2021 in Gray Divorce

Of all of the situations that divorced couples are in when they finally call it quits, the circumstances in a gray divorce may be the most bittersweet. A gray divorce, also known as a late-life divorce, typically involves a couple who is over the age of 50. These couples have often been together for many years, if not decades, making the situation that much more difficult for everyone involved. However, divorce is sometimes the best choice that you can make later in life. The number of gray divorces in the United States has been on the rise in recent years and the gray divorce rate has actually doubled since 1990. There are many things that can complicate a gray divorce, but property division issues can cause some of the biggest problems during a divorce later in life.

Illinois Property Division

It is a general consensus these days that a divorce agreement that you and your spouse reach from working together is more favorable over a divorce decree that must be handed down by a judge. Sometimes, however, working with your spouse to reach an agreement may be impossible. If your case must be settled by a judge, he or she will be bound by Illinois law and will follow the property division rules set forth in the Illinois Marriage and Dissolution of Marriage Act (IMDMA). This means that all of your marital property, which is any property or debt that was acquired during the marriage, is subject to division and must be divided in an equitable manner.

Retirement Accounts

It can be daunting to get divorced later in life, especially if you are close to or in retirement. In Illinois, retirement accounts are considered marital property and are typically divided equitably between you and your spouse. If you have an IRA, 401(k), or a pension plan, you will have to get a qualified domestic relations order, also known as a QDRO, to split your plans and avoid paying taxes and early withdrawal fees.

Speak With Our Kane County Divorce Attorney Today

Going through a divorce is difficult, whether you have been married for two years or 20 years. At the Law Office of Matthew M. Williams, P.C., our goal is to help your divorce proceedings go as smoothly as possible. We can help you with a variety of issues that you may come across, including property division matters. To schedule a private consultation with our skilled North Aurora divorce lawyer, call us today at 630-409-8184.

Sources:

https://www.ilga.gov/legislation/ilcs/ilcs5.asp?ActID=2086&ChapterID=59

https://www.businessinsider.com/gray-divorce-attorney-insights-separation-when-older#how-to-move-forward-2