How to Prepare for a Gray Divorce in Illinois

 Posted on January 12, 2021 in Gray Divorce

In the United States, the number of people getting divorced later in life has risen dramatically over the past couple of decades. Some sources, such as the Pew Research Center, have reported that the divorce rate nearly doubled among adults over the age of 50 and almost tripled among adults over the age of 65 between 1990 and 2015. These later-in-life divorcees often have many more issues that they must focus their attention on, such as dealing with retirement funds and modifying estate plans, along with all of the typical issues that all divorces carry, like making the typical property decisions and determining spousal support. If you are over the age of 50, there are certain steps you should take to prepare for your Illinois gray divorce.

Gather Your Financial Information

One of the biggest concerns with divorcing after the age of 50, also known as gray divorce, is the financial side of things. The people going through gray divorces are doing so much later in life than others. This can affect crucial assets, like retirement savings, which they do not have much time left to replenish. This is why it is so important to be on top of your finances when you are getting a gray divorce. You should have copies of all important financial documents pertaining to all of you and your spouse’s assets, liabilities, income, and expenses.

Reviewing Your Retirement Accounts

Another important issue that you should prepare for is how you and your spouse will deal with your retirement accounts. When you divorce later in life, your retirement funds become extremely important, and one of your most valuable assets. Retirement funds can be either marital or nonmarital property and will likely be subject to division upon divorce, especially if contributions to the retirement accounts were mostly made during the marriage.

Modifying Your Estate Plan

One aspect that many couples forget to address when getting a divorce is their estate plan. When you are divorcing as an older couple, it becomes much more pertinent to have this legal document updated to reflect your new life circumstances. You should be sure to update all of your estate planning documents, such as your will and/or power of attorney, with current information and beneficiaries to avoid any confusion in the future.

Contact Our Batavia Gray Divorce Lawyer

If you are thinking of getting a divorce and you are over the age of 50, you should speak to a knowledgeable Kane County gray divorce attorney before you make any permanent and lasting decisions. At the Law Office of Matthew M. Williams, P.C., we believe that thorough preparation is the key to success during any divorce, but especially if you are divorcing later in life. To schedule a consultation to discuss your case with our experienced divorce attorney, call our office 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

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

https://www.pewresearch.org/fact-tank/2017/03/09/led-by-baby-boomers-divorce-rates-climb-for-americas-50-population/