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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How Is a “Gray Divorce” Different From Other Divorces?

Posted on in DuPage County divorce lawyer

DuPage County gray divorce attorneyDivorce statistics are often misconstrued, and it can be difficult to determine what the true divorce rate is in the United States. One of the figures that most statisticians can settle on, however, is that the general divorce rate is declining, while the rate of divorce for those who are over the age of 50 is rising--and has been for the past couple of decades. A “gray divorce” is a term that is used when two people who are over the age of 50 decide to divorce. At that point in their lives, they have typically been married for decades, and they may have many more issues that need to be addressed, especially when it comes to finances. If you are thinking about getting a divorce, and you are over the age of 50, you should be aware of some of the differences that you may face compared to your younger counterparts.

Stakes Are Higher During Asset Division

When going through the process of dividing your marital assets, earning potential is something that becomes important. For couples who are in their 20s, 30s, or 40s, they still have plenty of earning potential. Couples who are divorcing in their 50s or later are close to retirement, if they have not already retired, meaning their income will be fixed, and their assets will not grow anymore. This makes the stakes higher when it comes to figuring out who gets what in the divorce.

Retirement Funds Become Extremely Important

Another thing that becomes a priority is figuring out how your retirement funds are distributed when you divorce after 50. If you are not yet retired, you will be soon, and you will need as much money as possible to live comfortably during retirement. If you are already retired, you will have to figure out how much of each spouse's retirement funds are left and how much you and your spouse are eligible to receive. You also have to keep in mind any tax considerations when making withdrawals from retirement accounts.

Healthcare Must Be a Consideration

When you are married, it is likely that you and your spouse are on one of your health insurance plans through an employer. When you divorce, the spouse who does not carry the insurance policy must find other healthcare, which can be difficult for those who are older. Under COBRA, you have 36 months to stay on your ex-spouse’s health insurance plan before you must find your own, but this can be expensive. If you are offered health insurance through your own employer, that can be a good option. If not, you may have to wait until age 65 when Medicare kicks in.

Contact an Aurora Divorce Lawyer

When you get a divorce over the age of 50, there are many issues you must consider that younger couples may not have to worry about. Knowing what you are getting into before you begin the divorce process is important, and it can help ensure that you can have a smooth and less stressful divorce. At the Law Office of Matthew M. Williams, P.C., we can help you make sure you understand all of the implications of a gray divorce and plan for them accordingly. Our skilled DuPage County divorce attorney has more than 15 years of experience helping clients through the divorce process. Call our office today at 630-409-8184 to schedule a consultation.

Sources:

https://www.nerdwallet.com/family-law-attorney/finance/divorce-senior-citizen/

https://www.forbes.com/sites/frawleypollock/2019/02/25/gray-divorce-how-divorcing-later-in-life-can-affect-your-retirement-plans/#1c0577f24980

https://www.forbes.com/sites/margueritacheng/2019/02/28/4-main-challenges-of-a-grey-divorce/#24be77123e0d

 

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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