The Law Office of Matthew M. Williams, P.C.

630-409-8184

1444 North Farnsworth Avenue, Suite 307, Aurora, IL 60505

Yorkville Office By Appointment

Initial Consultations via ZOOM Available

Yorkville gray divorce attorneyDivorce 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.

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Illinois divorce attorney, Illinois family lawyer,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.

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gray-divorceMost people probably think a divorce occurs after a couple of years of marriage, or while the spouses are still relatively young. While that may have been true during the 1970s and 1980s, a new phenomenon has developed as more and more adults over the age of 50 are now taking steps to end their marriages later in life.

Why Is “Gray Divorce” Happening Now?

The idea of grandpa and grandma going through divorce is now more common than ever. While that is an image many find difficult to comprehend, the fact remains that more and more seniors are divorcing now than ever before.

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Posted on in Gray Divorce

gray divorce, older divorce, DuPage County family law attorneyWhile the divorce rate seems to be leveling out for most age groups, there is one in particular in which divorce is more common than ever. Depending upon your perspective, it may come as a surprise to learn that the divorce rate among people age 50 and older today is twice what it was a quarter-century ago. For the 65 and older age group, the rate of divorce has more than doubled. During the same period, the divorce rate for virtually every other age group has remained the same or has fallen. So what is causing the increase in older divorce, or, as some call it, gray divorce? While the explanation is probably not to be found in just a single factor, there are a number of things that may be playing a role.

Not the First Time

One of the contributing factors to increase in gray divorce is the idea that second marriages among all age groups fail at a much higher rate than first marriages, and third or subsequent marriages even more so. Just based on pure probability, and with remarriage rates at record-highs, more and more older Americans are in the midst of a second or third marriages, making them at least two and a half times more likely to experience a divorce.

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The Law Office of Matthew M. Williams, P.C.

630-409-8184

1444 North Farnsworth Avenue, Suite 307, Aurora, IL 60505

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