Filing for divorce later in life is a different process for Illinois adults over the age of 50 because of the assets required or prenups that may not have been filed. Grey divorces and often involve baby boomers. The financial implications can have long-term effects on the lives of both spouses. It presents unique challenges that can affect social security, retirement, spousal support, income, division of assets, estate planning, and competency. The rate of grey divorce has doubled as more couples choose to part ways later in life.
What to know about the ‘grey’ divorce
Grey divorce is a term used for couples over the age of 50 who have had long-term marriages. Grey divorces are also more likely for those who have already been previously married. Longer life expectancy and increased financial independence contribute to the rise in grey divorces. The main factors most couples are concerned about include dividing complicated marital estates, the division of retirement benefits, and confusion over beneficiaries. One of the spouses that is dependent may also feel they deserve spousal support. Custody issues are often not involved because most couples who file for a grey divorce have adult children who are no longer dependent.
Who can you contact for legal assistance?
If you want to file for divorce and are over the age of 50, contact a divorce lawyer to ensure they can assist you with navigating the process. You can learn about your legal rights and what you’re entitled to while working towards solutions with your spouse. The attorney can work with the other party when handling property division, asset valuation, and alimony or spousal maintenance. The legal representative will work hard to resolve each case amicably and will have your best interest in mind.