Ask Yourself These Five Questions if You Have Been Considering Gray Divorce

Ask Yourself These Five Questions if You Have Been Considering Gray Divorce

The American Bar Association (ABA) defines a gray divorce as the dissolution of a marriage between couples who are 50 years of age or older. As people live longer, healthier lives and societal attitudes towards divorce change, gray divorce has become more common. For many different reasons, gray divorce can be complicated. You need to be prepared. Here, our Illinois divorce lawyers highlight five questions that you should ask yourself if you are preparing for a gray divorce. 

• Are You Prepared to Support Yourself Financially After a Divorce?

The financial impact of a divorce can be significant, especially for couples who have been together for a long time. It is essential that you evaluate your current financial situation to determine how you will be able to support yourself going forward. Consider your income sources, expenses, and potential changes to your lifestyle. Creating a post-divorce budget and financial plan can help. 

• Do You Know if You Will Be Required to Pay or Eligible to Receive Spousal Support?

Spousal support may be an issue in your gray divorce case in Illinois. It is far more likely to be awarded after a long-term marriage, especially if you have been married for more than 20 years. You should know whether you will be required to pay or eligible to receive spousal support. 

• Are You Ready to Divide Retirement Benefits/Savings?

Dividing retirement benefits and savings can be legally and logistically complex. It can also be emotionally charged. Depending on the type of retirement account, you may need to obtain a Qualified Domestic Relations Order (QDRO) to ensure a proper division. Be sure you understand the tax implications. 

• Have You Made Plans to Discuss the Future With Your Family?

The decision to divorce can impact your entire family, particularly if you have adult children or grandchildren. Open and honest communication with your loved ones is crucial during this challenging time. Making a well-considered plan for the future can make the process less stressful. 

• Do You Have the Professional Legal Support that You Need?

Navigating the legal aspects of a gray divorce can be challenging, particularly when dealing with complex financial issues, retirement accounts, and spousal support. An Illinois family law attorney with experience handling gray divorce cases can guide you through the process and advocate for your best interests. 

Contact Our Illinois Gray Divorce Lawyers for Immediate Help

At SAM LAW OFFICE LLC, our Illinois family law attorneys have the skills and experience to help you navigate the unique complexities of a gray divorce. You are not alone. Contact us now to set up your fully private, no-obligation initial consultation. With a law office in Rolling Meadows, we provide gray divorce representation throughout Greater Chicagoland.