Facebook Twitter Our Blog
Search
Anderson and Associates, P.C.

Free Initial Consultation

630-653-9400

Issues to Be Aware of in a Grey Divorce

Posted on in Divorce

DuPage County grey divorce attorneyIn our modern society, divorce is an unfortunate reality that affects couples of all ages and income levels. But while the overall rate of divorce has remained steady, the divorce rate of people over the age of 50 (known as “grey divorce”) has doubled since 1990. These divorces can become especially complicated, due to the length of marriages and the complex financial issues that can arise. Here are some issues which couples will need to be aware of during a grey divorce:

  • Spousal maintenance - In a long-term marriage in which one spouse earns more than the other, that spouse will likely be required to pay maintenance (alimony) to their former partner following divorce, and the duration of these payments is based on the length of the marriage. According to Illinois law, for marriages of 20 years or more, maintenance payments will last for the full duration of the marriage, or for an indefinite period. 
  • Pensions and retirement funds - As spouses near retirement, they will likely be planning to live on the savings they have made in a 401(k) or IRA or the pension provided by their employer. However, retirement savings and pension benefits are subject to equitable division following divorce, and spouses should be sure they understand how these assets will be divided. Transferring these funds or benefits between spouses typically requires the use of a Qualified Domestic Relations Order (QDRO).
  • Dividing marital property - Older spouses will often have acquired a large amount of assets during their marriage, and determining how to divide this property can be a complicated matter. One important question is who will retain ownership of the marital home. A spouse may wish to continue living in their long-time residence, but they should be sure they will be able to afford the costs of maintenance, upkeep, and property taxes while meeting their other obligations.
  • Social Security - If spouses were married for at least 10 years, an ex-spouse may claim Social Security benefits based on their former partner’s earnings, but only after they have been divorced for at least two years. During grey divorce, spouses should be sure they understand their Social Security benefits and how they will affect their retirement planning.

Contact a Wheaton Divorce Attorney

At Anderson & Associates, P.C., we understand the issues that couples face during grey divorce, and we can answer your questions, help you understand your rights and responsibilities, and work with you to reach a settlement that will meet your needs. Contact our knowledgeable, experienced DuPage County divorce lawyers today at 630-653-9400 to schedule a free consultation.

Sources:

https://money.usnews.com/money/retirement/articles/2015/04/24/7-things-to-know-about-divorcing-during-your-senior-years

http://www.divorcemag.com/articles/5-things-to-watch-for-when-splitting-finances-in-a-gray-divorce

http://www.investmentnews.com/article/20170310/FREE/170319995/gray-divorce-presents-social-security-challenges

Chicago Bar Association DuPage Association of Woman Lawyers Illinois State Bar Association DuPage County Bar Association Northwest Suburban Bar Association
Address
400 S. County Farm Road, Suite 320
Wheaton, Illinois 60187
630-653-9400
Address
1515 E. Woodfield Road, Suite 640
Schaumburg, IL 60173
847-995-9999
Address
20 N. Clark Street, Suite 3300
Chicago, Illinois 60602
312-345-9999
Address
15255 West 94th Avenue, Suite 201
Orland Park, IL 60462
708-226-9904
Back to Top