Key Things to Consider During a Gray Divorce

 Posted on December 00, 0000 in Gray Divorce

A “gray divorce” is a fairly new term that people have been using when referring to those who get divorced in late adulthood. A divorce is considered a gray divorce when the couple who is getting divorced is over the age of 50. According to the Pew Research Center, the divorce rate for Americans over the age of 50 has doubled since 1990 and for Americans over the age of 65, the divorce rate has tripled. Older Americans have seen an increase in divorce rates while younger Americans between the ages of 25 and 39 have actually seen a decrease in the divorce rate, by about 20 percent. Typically, couples getting a gray divorce have been married for decades, which is why they face a lot of negative stigmas and backlash from those surrounding them. They also face unique circumstances when it comes to divorce, which is why specific considerations should be made. You Will Probably Be Entitled to Spousal Support

It is extremely common for long-term marriages to involve some sort of spousal support. In Illinois, specific factors are used to determine whether or not spousal support is necessary in a divorce. These factors can include:

• The income and property of each spouse;
• The standard of living established during the marriage;
• The present and future earning capacity of each spouse;
• The duration of the marriage; and
• The age, health, occupation, vocational skills and employability of each spouse.

A marriage that lasted less than 20 years will involve some sort of temporary maintenance based on those factors. If the marriage lasted longer than 20 years, the length of maintenance payments can be equal to the length of the marriage, or indefinitely. You Will Need to Seriously Think About Your Retirement Plans One of the major factors that need consideration when getting a divorce after the age of 50 is your retirement plans. Typically, when you are married, you make financial plans to retire using your income, which can be from one or both spouses. When you get divorced, your retirement funds are typically (but not always) split in half, which means you could be set back in your retirement goals. Do Not Forget About Your Children In a gray divorce, children are typically adults or teenagers. It is important to remember that it does not matter what age your children are - news of a divorce can be devastating to anyone. You should remember that even if your children are adults, they still need your love and support, especially during your divorce. Try to keep them as informed as possible as this can help everyone. A Compassionate DuPage County Divorce Attorney Can Help Divorce is never easy, no matter your age, but it can be especially difficult when you have been married for decades. Every aspect of your life changes when you get a divorce, which is why it is important to have a knowledgeable and hard-working Aurora, IL divorce lawyer at your side. At the Law Office of Matthew M. Williams, PC, we understand how hard a divorce can be and will work to help you every step of the way. Contact our office today at 630-409-8184 to set up a consultation.

Sources:

https://www.thebalance.com/divorce-after-50-5-things-to-consider-2388813

https://www.forbes.com/sites/nealegodfrey/2016/04/25/gray-divorce-til-death-do-us-part/#3cbbfe283097

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