Cook County Grey Divorce Attorney

Lawyers for Divorce Over the Age of 50 in Chicago, Elmhurst, and DuPage County

While the overall divorce rate in the United States has declined over the past few decades, one age group that has actually seen an increase in the number of divorces is those who are at least 50 years old and older. There are a variety of reasons for this increase, including couples growing apart as they get older, empty nesters lacking things in common, women gaining financial independence in the workforce, partners having different retirement goals, and increasing social acceptance of divorce in general. Regardless of why your marriage has broken down, you will want to understand the legal and financial issues that may affect you during your divorce, and you should work with a skilled attorney to ensure that you can achieve an outcome that will allow you to thrive throughout the rest of your life.

At Weiss-Kunz & Oliver, LLC, our experienced family law attorneys can provide the legal representation you need when getting divorced after the age of 50. We will help identify the issues you will need to address, and we will work with you to negotiate a divorce settlement that will provide for your ongoing needs. If an agreement cannot be reached, we will aggressively advocate on your behalf in divorce court litigation.

Issues to Address in a Grey Divorce

If you are over the age of 50, you may have been married for a long time. You are likely to have accumulated a significant amount of property and assets during your marriage, and your financial and personal affairs may be so entangled with your spouse that you do not know where to begin when it comes to separating your lives from each other.

During the divorce process, you will want to complete a full financial inventory, detailing the income you earn, the assets you own, and the debts you owe. You will also want to consider your expected expenses following your divorce and the resources available to you, including ensuring that you will have medical insurance coverage that will meet your current health needs, as well as addressing the care you require as you get older.

As you proceed with the divorce process, you may need to determine how to handle some or all of the following issues:

• Spousal maintenance (alimony) - To ensure that both of you can continue living at the standard you were used to during your marriage, one spouse may be required to pay spousal support following divorce. The amount of time that maintenance will be paid will depend on the length of the marriage and the needs of the recipient payee. It will also depend on the retirement age of the payor.
• High-value assets - Over a long marriage, you may have acquired valuable property. In addition to your marital home or other real estate, vehicles, collectibles, heirlooms, or other valuables, you may need to address financial assets or determine how to protect a professional practice or family business. If you have a high net worth, or if either spouse comes from a wealthy family, you may need to determine how to divide trusts and estates and protect family wealth. There are many complicated issues that must be analyzed in a divorce involving high-value assets, and we understand how to analyze these issues and advise our clients on the next steps.
• Retirement accounts and pensions - We recognize that concerns about your ability to provide for yourself will become more and more important as you near retirement age. You will want to be sure to understand how to fairly divide 401(k)s, IRAs, SEPs, pensions, and/or other retirement benefits without being subject to unnecessary taxes or early withdrawal penalties.
• Tax issues - It is crucial to understand how the decisions made during divorce will affect your taxes. For instance, if you plan to keep the family home or other real estate property, you will need to be sure you will be able to pay the applicable property taxes. You should also understand how taxes will apply when you begin receiving retirement benefits or if you sell any assets during or after your divorce.
• Child issues - When you are over the age of 50, your children are more likely to be older, so you may not need to address issues related to child custody or parenting time. However, you may still need to determine child support obligations for children who are under the age of 18, and you and your spouse may need to determine how you will help pay for your children's college expenses. We can help!
• Social Security - While you may still be several years away from retirement or full-time retirement, understanding the Social Security benefits you can receive can help you plan for how to meet your needs. You can begin collecting Social Security retirement benefits once you reach the age of 62, for example. If you do not get remarried before reaching that age, and your ex-spouse is eligible for a larger retirement benefit, you can possibly receive half of the amount of your spouse's benefit.
• Life insurance - If you and your spouse currently have life insurance policies naming each other as beneficiaries, you may want to update those policies to include alternate beneficiaries. However, if you will be receiving or providing spousal maintenance, you may wish to maintain a life insurance policy for your spouse to ensure that you can continue receiving or paying out support if one of you dies unexpectedly.

Contact Our Park Ridge Grey Divorce Lawyers

Any divorce is likely to be complicated, but couples over the age of 50 are likely to have significant financial concerns that will need to be addressed. At Weiss-Kunz & Oliver, LLC, we can help you understand your rights in these cases, and we will work to help you reach an outcome that provides for your ongoing success and happiness throughout the rest of your life. Contact us today at 312-605-4041. We represent divorcing spouses in DuPage County and Cook County, including Elmhurst, Burr Ridge, Oak Brook, River Forest, Hinsdale, Chicago, Lincolnwood, Park Ridge, and Skokie.