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.