Special Concerns for Divorcing Spouses in their 50’s and 60’s
No divorce is without conflict or complication. However, some divorce cases are more complex than others. If you are thinking about divorce and you are over age 50, it is important to consider the unique obstacles you may face. “Gray divorce” or divorce involving older couples often involves unique legal and financial issues that divorcing couples in their 20’s or 30’s may not face. Consequently, it is highly recommended for older spouses to work with an experienced divorce lawyer versed in gray divorce issues.
Divorce and Your Retirement
One of the top concerns during a gray divorce is how the divorce will affect retirement. Many people wonder if they will be forced to share their hard-earned retirement with their spouses during divorce. They fear that they will be forced to take out funds early and suffer the associated withdrawal penalties or delay their retirement. Divorcing individuals who were homemakers or stay-at-home parents worry about how they will make ends meet during their golden years and whether they will have access to their spouse’s retirement benefits.
In Illinois, retirement benefits that a spouse accumulated during the marriage are considered marital property. Both spouses have a right to a portion of the retirement funds. A qualified domestic relations order (QDRO) is typically used to divide retirement and pension plans in an Illinois divorce. Spouses may also negotiate a property division arrangement in which one spouse keeps retirement funds, and the other spouse keeps property of equivalent value. A skilled divorce lawyer can help you determine the best way to address retirement accounts during your divorce.
Addressing Spousal Maintenance
Alimony, spousal support, and spousal maintenance are all terms used to describe financial support a spouse provides to the other in a divorce. Spousal maintenance orders are not automatically entered in an Illinois divorce. If a spouse wishes to pursue maintenance payments, he or she can petition the court for maintenance. The court will consider the duration of the marriage, the standard of living established in the marriage, each spouse’s employability and earning capacity, and several other factors. If the court finds that maintenance is appropriate, a statutory formula is typically used to determine the value and duration of maintenance payments. Usually, the longer a couple was married, the longer maintenance payments last.
Emotional and Psychological Consequences
Divorce is never easy, but divorcing someone to whom you were married for twenty years or more can be especially devastating. If you are getting divorced later in life, it is important to account for the emotional and psychological implications of the split. Learning to live as a single person after being married most of your adult life can be extremely difficult. You may want to consider working with a therapist, divorce coach, or attending divorce support groups to help you cope.
Sources:
https://www.investopedia.com/personal-finance/mistakes-avoid-when-divorcing-over-50/
https://www.today.com/health/what-gray-divorce-6-things-know-about-splitting-later-life-t218377
