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DuPage County Attorneys

LOMBARD

900 E. Roosevelt Road, Lombard, IL 60148

Phone: 630-932-9100

BLOOMINGDALE

134 N. Bloomingdale Road, Bloomingdale, IL 60108

Phone: 630-529-4761

CHICAGO

105 W. Madison Street, Suite 2200, Chicago, IL 60602

Phone: 630-932-9100

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1730 Park Street, Suite 202, Naperville, IL 60563

Phone: 630-420-1000
Subscribe to this list via RSS Blog posts tagged in gray divorce

DuPage County elder divorce attorneysMore and more couples are getting divorced later in life. Some attribute this shift to an increase in female independence in modern relationships. Since women are no longer solely dependent on their husbands, they often feel more free to divorce their spouse if they are unhappy in their marriage. Others believe that our longer lifespans are contributing to these late-life decisions. With people living 90+ years, being married to the same person for that amount of time may not be in the cards for every couple. Known as gray divorce, getting divorced after the age of 50 brings on its own unique challenges, making it critical to hire a divorce attorney who can help you avoid making the following mistakes.

Mistake #1: Not Taking Note of Your Assets

Rarely do both spouses have an equal hand in managing the household finances. Over time, particular chores get assigned to each spouse and paying bills or managing accounts is often one of these. If you are the spouse who took on other responsibilities throughout your marriage, it is important to do your own inventory of your assets and debts. In some cases, divorcing spouses may attempt to conceal assets during the divorce to keep them for themselves. This is especially true for couples who have been married longer and have more savings and debts collected. 

Mistake #2: Forgetting the Taxes

Almost every decision that you make in your divorce will entail a transfer of assets or finances from one spouse to the other. Maybe you decided to keep the family home or are receiving child support or alimony. Whatever decisions you make in the process will come with their own taxes. You should look into the tax implications of each decision and select the one that makes the most sense. Should you pay your alimony in a lump sum or make monthly payments? Is keeping or selling your house the best idea? Your attorney will be able to guide you through these determinations and lead you to a reputable tax advisor when necessary.

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DuPage County divorce lawyersDivorce after the age of 50 is a growing trend – so much so that it has been named the “gray divorce.” In many ways, this is a positive thing. It means that people are living longer and can focus on their happiness and self-fulfillment. It also suggests that women are better able to support themselves, even during their retirement years. Unfortunately, there are some potential drawbacks to divorcing later in life. One of the biggest is the risk of financial loss. In some cases, the loss may be so severe that it results in divorce-induced poverty. Learn how to mitigate against this risk, as well as many others, with help from the following information.

Protecting Your Financial Well-Being

Most couples nearing retirement had originally planned to raise their children together and then enjoy their retirement years together. When retirement approaches and couples realize that they would be better on their own, they often find they are unprepared for the financial implications of divorce. Their retirement funds, which was meant to support just one lifestyle, must now cover two sets of expenses. Financial loss after divorce can impact more than just the ability to cover month-to-month expenses. It could also mean losing health insurance, which may be critical to preserving an individual’s long-term health.

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DuPage County divorce attorneysCouples who are in or nearing retirement are at serious risk for financial troubles if they decide to divorce. This is because, unlike younger folks, they do not have the time to earn back the money they may lose in the process. As such, it is critical that older couples plan carefully before deciding to file. The following covers some potential strategies, and explains how they can effectively mitigate the risk of costly mistakes often made during a gray divorce.

Take an Honest Look at Your Debts and Income

Because the potential for added income is limited as you near or enter retirement, it is crucial that you take an honest look at your income and debts before deciding to file. Not only does this help you understand what sort of situation you are up against, it can assist you in creating a viable strategy, moving forward. For example, if you find that your combined income and debts simply cannot be split without making sacrifices, you can decide, jointly, to sell the home, pay off your debts, and then divide whatever proceeds are left.

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DuPage County divorce lawyersBaby boomers - or those that are nearing retirement age - are setting a major trend in the divorce arena. Amidst declining divorce rates for most age groups, late-life divorce rates have doubled over the last two decades. Most feel confident about their decision, and many separate on surprisingly good terms. Yet there are still risks associated with these late-term divorces. One of the biggest is the potential for a financial disaster for one or both parties. If you are planning on filing for divorce, the following information can help you understand how to reduce this risk.

Divorce is More Complex Than Most Realize

While most couples have gone through at least one major financial transaction in their lifetime, moving to another state or purchasing a new home pales in comparison to divorce because. Divorce touches every aspect of your life. It can impact your credit and ability to obtain financing. Your car insurance policy, health insurance policy, and renters/homeowners insurance must be changed. Bank accounts, retirement accounts, and other financial accounts are impacted as well. Depending on whether you plan to go through a name change, you may even be changing your driver’s license, social security card, and other legal documents. Indeed, divorce is likely the most complex financial transaction in existence.

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DuPage County divorce lawyersDivorce among most age groups might be declining, but those nearing the age of retirement are splitting up at a rate more than double what it was just two decades ago. On one hand, the willingness to start over and pursue a path to self-happiness could be considered a testament to the improved financial stability of women. On the other, divorce at this stage in life carries with it some causes for concern. If you are nearing your retirement age and considering divorce, the following information explains what you should know.

Protecting Your Financial Future is Critical

As you near retirement, your ability to make up any income or assets lost during divorce is greatly diminished. This means you will need to do some extra planning to protect your financial future. Take stock of what you have – assets, income, expenses, investments, and retirement accounts – and ask your attorney for help in determining what might be left once the divorce is over. This will tell you if you should make any adjustments to your retirement plan, divorce plan, or financial plan.

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