How to Prepare for a Gray Divorce in Illinois

 Posted on August 31, 2026 in Gray Divorce

Divorce later in life looks very different from divorce at 30 or 40. You’re almost certainly not worried about custody or child support. Instead, the biggest questions and concerns usually involve finances and whether you can afford to live independently after decades of sharing finances.

Of course, your spouse is also feeling the same way with the same concerns, and negotiations over finances can be very difficult. If you are considering divorce in 2026 after a long marriage, one of our Kane County divorce attorneys can help you negotiate for the issues that concern you the most. 

What Financial Records Do You Need Before You File for a Gray Divorce?

Before you file for divorce, you must make sure you understand exactly what you and your spouse own and where you owe money. This sounds simple, but after a long marriage, a couple’s finances can be surprisingly complicated. You may have:

• Retirement accounts from several employers

• Old pensions

• Investment accounts

• Life insurance policies

• Real estate

• Business interests

• Large debts that have accumulated over many years

As much as possible, find and organize recent financial statements for all of the above assets and debts. If your spouse has handled your family’s finances over the years, you need to be particularly careful about making sure you’re aware of all the money you share. 

You should also make copies of important documents before filing, just in case your spouse makes it hard for you to access certain accounts. Don’t try to hide money or take property, but do thoroughly understand your own financial position before making any important decisions.

How Are Retirement Accounts Divided in an Illinois Divorce?

Retirement assets are one of the biggest issues in a gray divorce. Under 750 ILCS 5/503, property acquired during the marriage is considered marital property unless an exception applies. That includes retirement benefits earned during the marriage, even if an account is held in only one spouse's name. However, dividing retirement assets is not as simple as splitting an account balance in half.

Some plans require special court orders called Qualified Domestic Relations Orders (QDROs) before benefits can be divided. Pensions also require careful analysis because their value depends on years of service, retirement age, survivor benefits, and the specific terms of the plan.

Is Social Security Divided During Divorce?

Social Security works differently from most retirement accounts. A divorce court does not divide Social Security benefits as marital property. However, a divorced spouse may qualify for benefits based on their former spouse's earnings under certain circumstances. 

Before making decisions about how you want to negotiate your marital property division, you need to understand what benefits you qualify for based on your own record and whether benefits based on your spouse's record could be available to you. 

This means looking carefully beyond an immediate divorce settlement and asking a more important question: What will my monthly income actually look like after retirement?

Can You Get Alimony After a Long Marriage?

Illinois courts award maintenance, also called spousal support or alimony, only after considering certain factors for eligibility under 750 ILCS 5/504. These include each spouse's:

• Income

• Property

• Financial needs

• Future earning ability

• Age and health 

Courts also look at how long a couple was married and the standard of living during the marriage. At 60 or 65, it often isn’t realistic to tell someone to reenter the workforce or start a career. This is especially important in a gray divorce where one spouse spent decades earning money while the other worked less or stayed home with children.

At the same time, the spouse paying maintenance may also be approaching retirement and worried about how support payments will affect their own finances. This makes it very important for spousal maintenance to be part of a comprehensive negotiation over finances, rather than a separate issue.

Should You Keep the House After a Gray Divorce?

After living in the same house for 20 or 30 years, keeping it can feel very important. The house may represent family memories and familiarity during a major life change. Your children may feel very strongly that they want to keep the family home in the family somehow. 

But keeping the house also means keeping the costs that come with it. If you want to keep the family home, you need to ask yourself: 

• Can you afford the mortgage, property taxes, insurance, repairs, and utilities on one income? 

• Will you need to refinance? 

• Would keeping the house require giving up retirement assets that may be more important later?

Sometimes one spouse has enough income and assets to keep it comfortably. Other times, selling the home and dividing the equity is the best long-term solution, even if it is painful in the short term. What you should do depends on what you want, but more importantly, what you can afford. 

What Happens to Health Insurance After Divorce?

Health insurance is often a major concern when someone divorces before becoming eligible for Medicare. If you have coverage through your spouse's employer, that coverage can’t continue forever after the divorce.

COBRA may provide temporary coverage in some situations, but it can be expensive. Other options may include an employer plan of your own, coverage through the health insurance marketplace, or Medicare if you are eligible.

It is very important not to wait until the divorce is finished to figure this out. Find out what coverage will cost and build that expense into your post-divorce budget. You may want to make insurance copays part of your alimony negotiations. 

Call a Batavia, IL Gray Divorce Attorney Today

If you are considering divorce after a long marriage, careful preparation is absolutely essential for protecting your finances into retirement. Our Kane County, IL retiree divorce lawyers at The Law Office of Matthew M. Williams, P.C. have more than 25 years of experience helping clients address the many complicated issues that are especially important in gray divorce.

Call The Law Office of Matthew M. Williams, P.C. at 630-409-8184 today for a free consultation.