Common Financial Issues in a Gray Divorce

 Posted on March 19,2020 in Divorce

Divorce is not an uncommon occurrence in the United States — hundreds of thousands of couples are divorced each year. In the past couple of decades, the number of older Americans getting divorced skyrocketed. These gray divorces, or divorces involving couples who are over the age of 50, saw the divorce rate doubled between 1990 and 2015. For those over the age of 65, the divorce rate tripled in the same time span. Despite the many reasons why a couple over the age of 50 would want to divorce, these types of divorces are often complicated and deal with issues that many other divorces do not have to deal with.

Spousal Support in a Gray Divorce

For couples going through a gray divorce, there is a much higher chance that one spouse will be awarded spousal support. In Illinois, the decision to award spousal support first lies with the divorcing couple. If the couple cannot come to an agreement about whether or not spousal support is appropriate, the court will use a variety of determining factors to decide if a spousal support award is appropriate. Often, spousal support is awarded in gray divorces because the couples have been married for many years and one spouse typically stayed home to raise the children.

Considerations for Retirement Funds

Another big issue when it comes to gray divorce is how you handle your retirement funds. Those who are over the age of 50 are much closer to retirement age than younger divorcing couples. What you do with your retirement funds to equitably distribute them can have a huge effect on your financial health after your retirement. Many couples have QDRO’s, or qualified domestic relation orders, to distribute retirement funds. This is a document that is drawn up to specify how retirement funds are distributed, how much each spouse receives and how they will receive their portion.

Contact Our Team of Elmhurst, IL Divorce Attorneys Today

Going through a gray divorce can not only be an extremely emotional process, but also a stressful one because of the financial issues at stake. If you are thinking about pursuing a divorce from your spouse and you are over the age of 50, you should speak with a DuPage County divorce lawyer who has extensive legal experience with these types of divorces. At Weiss-Kunz & Oliver, LLC, we can help you focus on the financial aspect of your divorce and guide you in the right direction for lifelong financial success. Call our office today at 312-605-4041 to schedule a consultation to discuss your options.

Sources:

https://www.businessinsider.com/gray-divorce-attorney-insights-separation-when-older#the-differences-between-going-through-a-gray-divorce-and-getting-divorced-when-youre-younger-1

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