In recent years, the rate of couples over the age of 50 getting divorced has continued to grow. With a divorce later in life, couples are faced with different or more pronounced challenges than younger couples. They may not have to worry about decisions on child support payments or child custody arrangements, but older couples have generally accumulated more assets and are closer to retirement, placing greater importance on those factors.
Four Issues of Importance for Divorcing Older Couples
For divorcing couples who are closer to retirement and have more significant financial assets, it is important to work with a law firm with experience in gray divorces and the complex challenges they present.
Here are four common issues that couples face when they get divorced near retirement:
- Spousal maintenance or alimony – Spousal support can be paid no matter what the age of the spouses getting divorced. However, with older couples, it is more common that one spouse may have stayed home to take care of the kids while the other was in the working world. The spouse with less career experience may be granted spousal support while gaining the experience or training to reenter the workforce. In cases of marriages that lasted more than 20 years, spousal support payments can last indefinitely.
- Division of marital assets – Most couples who have been married for a long time will have accumulated more marital assets, including a marital home, savings, and investments. With less time to save for your future, a greater emphasis can be put on the equitable division of assets to ensure that one spouse is not disadvantaged.
- Retirement savings and Social Security – With retirement looming on the horizon, older couples will place greater importance on assets such as pensions, IRAs, and 401(k) plans. Retirement savings that were earned during the marriage will be equitably divided during a divorce, regardless of whether only one spouse was working. If spouses were married for longer than ten years, then Social Security benefits may be divided as well, but not until two years after the divorce is finalized.
- Complex financial situations – There can be other complex financial situations that older couples are more likely to encounter during their divorce, including business ownership, additional investment properties, and significant assets or savings. The equitable division of these assets during a divorce can be complicated and may require the work of outside financial experts, who our attorneys regularly work closely with.
Contact a Hinsdale Attorney for Gray Divorces
For older couples facing a divorce, there can be many unique challenges that need to be addressed. At Botti Marinaccio, LTD., our experienced DuPage County divorce lawyers will work closely with you, learn about your situation, and develop a strategy for a happy, financially secure post-divorce life. Call us at 630-575-8585 to schedule your initial consultation.