Three Things to Know About Grey Divorce in Illinois

 Posted on September 09,2024 in Divorce

As the population ages, the "grey divorce" phenomenon is becoming increasingly common. This term refers to the growing trend of older adults (typically those over 50) seeking divorce after long-term marriages. In Illinois, navigating a gray divorce presents unique challenges and considerations. If you are thinking about pursuing a grey divorce, you need to strongly consider hiring a qualified lawyer. Here are three important things to know about grey divorce.

Division of Assets and Financial Considerations

One of the most significant aspects of Illinois divorce, especially grey divorce, is the division of assets accumulated over the course of a long marriage. In Illinois, just because assets are divided equitably does not mean equally. This can include retirement accounts, pensions, and investments, often requiring careful assessment and valuation.

Given the advanced stage of life, individuals may have different financial needs and retirement plans that need to be considered. Spousal maintenance may also come into play, especially if one spouse has been financially dependent on the other. It is crucial to approach asset division thoughtfully, ensuring that both parties understand the potential long-term financial implications of the divorce.

Emotional and Psychological Impact of Grey Divorce

Divorce at any age can have significant emotional ramifications, but grey divorce often involves unique challenges related to long-standing emotional bonds and shifting family dynamics. Couples who have spent decades together might struggle with feelings of loss and uncertainty about the future. Additionally, adult children can be impacted significantly, leading to overall tension during the transition.

It is important for individuals considering or going through a grey divorce to acknowledge these emotional factors and seek appropriate support, whether through counseling or support groups tailored to those experiencing divorce later in life. Addressing mental health can help smooth the transition as well.

Legal Considerations for Older Adults Getting Divorced

Grey divorce often involves legal nuances, especially regarding retirement benefits and social security. Individuals should be aware of how splitting retirement accounts works and the implications it may have on future financial stability. In Illinois, a Qualified Domestic Relations Order (QDRO) may be necessary to divide certain types of retirement accounts. Additionally, it is essential to consider the impact of divorce on social security benefits. While one spouse may be entitled to benefits based on the other’s earnings, understanding this can be tricky, especially without a lawyer.

Contact Our Wheaton, IL Divorce Attorney

Grey divorce presents unique challenges that require a nuanced approach to legal, financial, and emotional aspects. As couples navigate this transitional phase, seeking professional advice and support can ensure both parties can confidently set off on their next chapter of life. If you are facing a grey divorce, contact the DuPage County, IL divorce lawyers with The Stogsdill Law Firm, P.C.. Call 630-462-9500 for a private consultation.