Ask most anyone who has ever been married and they will tell you that they expected, or still expect, the marriage to last a lifetime. Likewise, if you ask people who are about to get married how long they expect their relationship to last, all of them are likely to answer: “forever.” Many marriages do last a lifetime, but of course, many other marriages, over 50%, end prematurely. While divorce has long been more common amongst younger and middle-aged couples, the divorce rate for couples aged 50 and older has doubled over the last 20 years or so.
Divorce affects people of all ages and there are many different aspects to consider when getting a divorce, no matter how old you might be. However, depending on what stage of life you find yourself in, the things you will need to worry about in divorce could vary dramatically. While younger couples often have to worry about child custody and child support, older couples usually have other things to worry about, like retirement accounts, life insurance, and maybe entering back into the workforce after many years raising children. Every situation is different, though, so it’s important to find qualified legal help if you are going through divorce, no matter what your age.
So what are some important things you should be aware of if you are divorcing later in life? Maintenance is one of the most common parts of divorce involving long-term marriages, according to many legal experts. It is also common for judges to order long-term or permanent maintenance payments in these situations. Another thing to keep in mind is that your retirement account will almost surely be cut in half. Another thing to keep in mind, according to legal experts is that if you do end up deciding to remarry, you should strongly consider getting a prenuptial agreement the second time around, and you should definitely talk to lawyer first! Remarrying can result in the cancellation of your maintenance even if it was called “permanent maintenance!”
Another situation that is common with couples that divorce later in life is that the wife ends up keeping the house. However, because courts often decide to split assets up evenly, the spouse who does not keep the house will usually get something else of equal or greater value in return. That means it might make better financial sense to sell the home and split up the proceeds. Just like younger couples that divorce, older couples should do their best to keep things civil when dealing with their ex. Getting divorced during your later years can also affect many other relationships, including those with your adult children, as well as family friends you’ve had for many years. Be prepared to make adjustments in these relationships after divorce.
Divorce can be complicated no matter how old you are or how long you’ve been married. Therefore, if you are considering divorce in Chicago then you should contact the Women’s Divorce & Family Law Group. Just click here to get in touch with us online, or give us a call at 312-585-6604. This should only be considered as general information and is not intended to be legal advice. Contacting an attorney is always a good idea in these kinds of cases. An Attorney can help you decide what is best for you in your particular case and circumstances.
There are many factors to consider when contemplating divorce, and a pre-divorce planning session can help you begin to plan for a divorce. Please contact the professionals at the Women’s Divorce & Family Law Group by calling (312) 585-6604 or clicking here to schedule a consultation.
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Chicago, IL 60606
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Chicago, IL 60601
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