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What to Know When Divorcing Over 50

Posted on in Divorce

IL divorce lawyerWhile each divorce is unique, most divorces are incredibly stressful and frustrating. As divorces have been a cultural norm in our society, we are seeing an increasing number of later in life divorces, also known as grey divorces. Gray divorces are similar in nature to divorces that occur earlier in life, however, they often are met with unique obstacles that only arise from decades of marriage. Men and women considering divorce over the age of 50 should know what to expect as they begin to start this new chapter and be well prepared for the necessary changes.

Causes of Late-Life Divorce

Significant changes in laws and societal norms have allowed for a much smoother divorce process. This is substantially relevant for couples who belong to older generations who may have previously feared that their divorce would lead to rejection from their peers. While it is certainly possible that a late-life divorce is caused by the same issues as a couple divorcing in their 30s, divorces for older couples come with their own characteristics and consequences.

The cultural changes our society has seen over the years very often play a role in gray divorces, some of which include:

  • Greater likelihood of women benign financially independent
  • Longer lifespans
  • Decreased stigmatization of divorce

However, the changes in cultural norms are not the only prevalent factors in a gray divorce. Other factors that may lead to this type of divorce include differences in desired lifestyles after retirement, financial disagreements, and the couple’s last child leaving home.

Factors to Consider Before Your Gray Divorce

If you are divorcing past the age of 50, it is likely that you have spent over a decade (if not multiple decades) with your spouse. This considerable amount of time often correlates with a substantial amount of shared assets and codependency.

In order to finalize any divorce in Illinois, spouses need to form an agreement that regards the division of marital property and debts, such as the family home. Additionally, it is possible that retirement accounts are involved and those will also need to be split. Furthermore, spousal maintenance may also be required of one of the divorcing spouses. With less time for financial recovery prior to retirement, one of the parties may need to financially provide for the other, at least on a temporary basis.

There are other less straightforward issues grey divorces may face. For one, each ex-spouse will likely want to make revisions to their estate’s beneficiaries. Another important consideration to make is each party’s health and any medical issues, especially if the medical issues could further complicate the divorce process. Additionally, it is worth noting that divorcing later in life does not exempt divorcing parents from considering possible repercussions their children may face.

Contact Our Naperville, IL Divorce Attorneys

While overall national divorce rates are finally starting to see a decrease, divorces in older couples are just recently becoming more common. Spouses who divorce later in life face different obstacles than younger couples. If you are considering divorce over the age of 50, the lawyers with Pesce Law Group, P.C. have a thorough understanding of what lay ahead and can provide you with guidance as you face the upcoming challenges. Contact our DuPage County divorce attorneys today to schedule your free consultation by calling 630-352-2240.

 

Sources:

https://www.ilga.gov/legislation/ilcs/ilcs4.asp?DocName=075000050HPt%2E+V&ActID=2086&ChapterID=59&SeqStart=6200000&SeqEnd=8675000

https://www.goodtherapy.org/blog/psychpedia/gray-divorce

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