Of all of the situations that divorced couples are in when they finally call it quits, the circumstances in a gray divorce may be the most bittersweet. A gray divorce, also known as a late-life divorce, typically involves a couple who is over the age of 50. These couples have often been together for many years, if not decades, making the situation that much more difficult for everyone involved. However, divorce is sometimes the best choice that you can make later in life. The number of gray divorces in the United States has been on the rise in recent years and the gray divorce rate has actually doubled since 1990. There are many things that can complicate a gray divorce, but property division issues can cause some of the biggest problems during a divorce later in life.

Illinois Property Division

It is a general consensus these days that a divorce agreement that you and your spouse reach from working together is more favorable over a divorce decree that must be handed down by a judge. Sometimes, however, working with your spouse to reach an agreement may be impossible. If your case must be settled by a judge, he or she will be bound by Illinois law and will follow the property division rules set forth in the Illinois Marriage and Dissolution of Marriage Act (IMDMA). This means that all of your marital property, which is any property or debt that was acquired during the marriage, is subject to division and must be divided in an equitable manner.

In the United States, the number of people getting divorced later in life has risen dramatically over the past couple of decades. Some sources, such as the Pew Research Center, have reported that the divorce rate nearly doubled among adults over the age of 50 and almost tripled among adults over the age of 65 between 1990 and 2015. These later-in-life divorcees often have many more issues that they must focus their attention on, such as dealing with retirement funds and modifying estate plans, along with all of the typical issues that all divorces carry, like making the typical property decisions and determining spousal support. If you are over the age of 50, there are certain steps you should take to prepare for your Illinois gray divorce.  

Gather Your Financial Information

One of the biggest concerns with divorcing after the age of 50, also known as gray divorce, is the financial side of things. The people going through gray divorces are doing so much later in life than others. This can affect crucial assets, like retirement savings, which they do not have much time left to replenish. This is why it is so important to be on top of your finances when you are getting a gray divorce. You should have copies of all important financial documents pertaining to all of you and your spouse’s assets, liabilities, income, and expenses. 

When talking about divorce, most people are familiar with the commonly cited fact that around half of all U.S. marriages ultimately fail. According to the Pew Research Center, the general divorce rate in the United States has actually been decreasing since 1990. When you look at adults who are over the age of 50, however, the divorce rate has actually increased. Ten out of every 1,000 couples over the age of 50 got divorced in 2015, which doubled from 1990. Among those who were age 65 and older, the divorce rate actually tripled between 1990 and 2015. Getting divorced when you are over the age of 50, which is also referred to as gray divorce, can be a complicated process, and that is why hiring a knowledgeable attorney is so important.

Attitudes About Divorce Are Changing

Even just 30 years ago in 1990, there was more of a negative stigma surrounding divorce than what exists in today’s world. If you got divorced back then or even longer ago, it was scandalous and wrong. Now, getting a divorce is seen by many as the right thing to do if you find yourself in a loveless or unsatisfying marriage. Gray divorces could be more prevalent because of this shift in public attitude.

Divorce rates are often changing and vary depending on the source of your information. Although the general divorce rate is anywhere between 40 and 50 percent, one statistic that can be agreed upon is that the divorce rate for Americans over the age of 50 has doubled since the 1990s. Gray divorce, or divorce that takes place when someone is 50 or older, can be devastating for many people, particularly because gray divorces often end marriages that can be decades long. Spouses in these cases have special considerations that should not be forgotten when going through the divorce process, especially related to financial matters. If you are going through a divorce later in life, here are a few mistakes to avoid:

Not Understanding Your Finances

In any marriage, it is not uncommon for one spouse to have a better understanding of the couple’s finances than the other. While this type of arrangement might work during a marriage, it will certainly not work in a divorce. If you are the partner whose knowledge of the family’s finances is unclear, you need to get a better picture of what your finances actually look like. Review all of your bank accounts, investment portfolio, and any debts that you owe before you begin dividing your property.

Clinging to the Family Home

There are many reasons why a spouse would want to keep the marital home after a divorce. For some couples, the thought of moving their children out of the family residence is unfavorable. For older couples, the sentiments attached to the home may cause them to hold on when their finances say they should let go. First, get an accurate appraisal of the home’s worth. Then, figure out if you can afford to keep the home on your own.

A “gray divorce” is a fairly new term that people have been using when referring to those who get divorced in late adulthood. A divorce is considered a gray divorce when the couple who is getting divorced is over the age of 50. According to the Pew Research Center, the divorce rate for Americans over the age of 50 has doubled since 1990 and for Americans over the age of 65, the divorce rate has tripled. Older Americans have seen an increase in divorce rates while younger Americans between the ages of 25 and 39 have actually seen a decrease in the divorce rate, by about 20 percent. Typically, couples getting a gray divorce have been married for decades, which is why they face a lot of negative stigmas and backlash from those surrounding them. They also face unique circumstances when it comes to divorce, which is why specific considerations should be made. You Will Probably Be Entitled to Spousal Support

It is extremely common for long-term marriages to involve some sort of spousal support. In Illinois, specific factors are used to determine whether or not spousal support is necessary in a divorce. These factors can include:

• The income and property of each spouse;
• The standard of living established during the marriage;
• The present and future earning capacity of each spouse;
• The duration of the marriage; and
• The age, health, occupation, vocational skills and employability of each spouse.

A marriage that lasted less than 20 years will involve some sort of temporary maintenance based on those factors. If the marriage lasted longer than 20 years, the length of maintenance payments can be equal to the length of the marriage, or indefinitely. You Will Need to Seriously Think About Your Retirement Plans One of the major factors that need consideration when getting a divorce after the age of 50 is your retirement plans. Typically, when you are married, you make financial plans to retire using your income, which can be from one or both spouses. When you get divorced, your retirement funds are typically (but not always) split in half, which means you could be set back in your retirement goals. Do Not Forget About Your Children In a gray divorce, children are typically adults or teenagers. It is important to remember that it does not matter what age your children are - news of a divorce can be devastating to anyone. You should remember that even if your children are adults, they still need your love and support, especially during your divorce. Try to keep them as informed as possible as this can help everyone. A Compassionate DuPage County Divorce Attorney Can Help Divorce is never easy, no matter your age, but it can be especially difficult when you have been married for decades. Every aspect of your life changes when you get a divorce, which is why it is important to have a knowledgeable and hard-working Aurora, IL divorce lawyer at your side. At the Law Office of Matthew M. Williams, PC, we understand how hard a divorce can be and will work to help you every step of the way. Contact our office today at 630-409-8184 to set up a consultation.