Common Complications in a Gray Divorce

gray divorce, Wheaton divorce lawyersMore and more older couples are getting divorced in the United States. The divorce rate for people aged 50 and over has doubled since 1990, and more than doubled for those over the age of 65. There are several reasons that may explain why so called “gray divorce” is becoming more common. Firstly, there is far less stigma surrounding divorce than there was even just a few decades ago. Just as younger people do, older individuals want to pursue the life that makes them fulfilled and happy. Sometimes, this means ending a marriage. Gray divorce can come with significant complications, however, and it is critical that those getting divorced at an advanced age educate themselves about what to expect.

Spousal Support Is Often Ordered When a Long-Term Marriage Ends

Illinois courts consider several factors when making spousal maintenance (alimony) decisions. These factors include:

  • The duration of the marriage;
  • Income and property of each party;
  • Present and future earning capacity of each party;
  • Any Impairment to a spouse’s present/future earning capacity;
  • Whether or not the party seeking spousal maintenance can become self-supporting;
  • Standard of living established during the marriage;
  • Health, ages, income, and employability of each spouse;
  • Any contributions a spouse makes to the other’s education or career;
  • Tax consequences; and
  • Any other relevant factors.

Divorcing couples are encouraged to make their own decisions about spousal support. If a couple cannot come to an agreement about spousal maintenance payments, the court will make these decisions for the couple. According to the law in Illinois, the court may only award spousal support if there is a valid reason to do so. Each case is handled on an individual basis.

Property Division Can Be Complex

Often, older people or those who have been married long periods of time have greater assets than younger divorcing couples. As with spousal support, couples are encouraged by Illinois courts to divide their property on their own. Courts will intervene if a divorcing couple cannot agree to how they will divide marital property. In Illinois, dividing a couple’s marital assets and liabilities falls under the concept of equitable distribution. Complex assets like family business, stock options, real estate and bank accounts, cars and other vehicles, life insurance policies, retirement plans, pensions, stock options, restricted stock, deferred compensation, and brokerage accounts can significantly complicate a divorce.

Contact a Wheaton, Illinois Divorce Lawyer

If you have further questions about an Illinois divorce, contact the experienced DuPage County divorce lawyers at Stock, Carlson, Oldfield & McGrath LLC. Call 630-665-2500 to schedule a consultation today. We can provide the guidance and representation you need.
 

Sources:

https://www.psychologytoday.com/us/blog/complicated-love/201809/7-surprising-facts-about-gray-divorce

http://www.ilga.gov/legislation/ilcs/ilcs5.asp?ActID=2086&ChapterID=59

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