Navigating Late-in-Life Divorce in DuPage and Kane Counties

 Posted on September 19, 2022 in Chicago divorce attorney

Colloquially known as gray divorce, late-in-life divorce has steadily risen since the 1990s, and the divorce rate of this demographic is projected to triple by 2030. According to the American Association of Retired Persons, 25 percent of all divorces occur later in life. A gray divorce comprises those over age 50 who divorce after decades of marriage. Divorce at any stage in life can be traumatic for all families. However, the longer a marriage, the more complicated and acrimonious a divorce can be.

Late-in-life divorces can instigate not only emotional turmoil between spouses but also among their adult children, grandchildren, in-laws, and family friends. Late-in-life divorces can entail complex asset division, and a divorce attorney skilled in this delicate field can help strategize a fair divorce agreement.

Five Common Gray Divorce Motives

Divorce, for some, may still be painful and shocking, but it is no longer stigmatized. Every divorce is different, and a myriad of incentives for divorce prevail among the older set. Sometimes a long-term spouse harbors regret for their unfulfilled goals. Other times a spouse has only sustained being in the marriage until their children had grown. With the increase in longevity, some of the following conflicts could provoke a late-in-life divorce.

1. Retirement – One spouse may deem retirement as affixing themselves to the sofa for the next thirty years, while the other spouse deems retirement as an opportunity to travel the world.

2. Substance abuse – Addiction, which comes in many forms, can wreak havoc on relationships and is sometimes the catalyst of a gray divorce.

3. Infidelity – Whether one party’s unfaithfulness was long-term or new, the betrayal may cause the other party to divorce.

4. Illness – Sometimes, a spouse does not possess the capacity to handle the other spouse’s mental or physical illness, whether it be chronic or even terminal.

5. Dissipation – A spouse’s blatant waste of marital funds intended for retirement, potential medical care, charitable contributions, or inheritance to children or grandchildren can be cause for a gray divorce.

Four Tips on How to Peacefully Proceed with a Gray Divorce

1. Net worth – Appraise your bottom line and project the future value and tax liabilities of real estate, stocks, and retirement accounts, including 401Ks, traditional IRAs, and Roth IRAs.

2. Marital property – Compile a detailed list of all real property and debt accumulated during the marriage, including mortgages, cars, furniture, and artwork.

3. Family business - designate ownership of a family business and calculate all commingled funds invested.

4. Family – Outline how each ex-spouse will enjoy traditions and holidays with adult children and grandchildren during events like religious ceremonies, dance recitals, sports games, and graduations.

Contact a Late-in-Life Divorce Lawyer in DuPage and Kane Counties

At The Law Office of Matthew M. Williams, P.C., dependable divorce attorney Matthew M. Williams skillfully advocates for favorable solutions. Matthew M. Williams, an objective-directed lawyer, tailors his strategies to the needs of his clients. Certified in both collaborative and cooperative law, Matthew M. Williams understands how any divorce can be complicated, especially for late-in-life divorcing spouses who had lengthy marriages. If you are seeking a late-in-life divorce, contact a St. Charles divorce attorney at 630-409-8184.

Sources:

https://www.psychologytoday.com/us/blog/the-state-our-unions/202209/divorce-trend-may-reshape-marriage-forever

https://www.psychologytoday.com/ca/blog/home-will-never-be-the-same-again/202108/why-the-divorce-rate-older-couples-keeps-rising

https://www.everydayhealth.com/emotional-health/why-more-couples-are-divorcing-at-older-ages-than-before-and-what-you-can-do-to-avoid-it/

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