Talk About Your Long Term Marriage Divorce With An Arlington Heights Divorce Attorney
Whether you have been married for five years or 40 years, getting divorced will likely be one of the most difficult periods of your life. From the complicated process of property division to issues of spousal maintenance and child custody, divorce can be an anxiety-inducing experience. However, there are particular issues that couples in long-term divorces will need to face. Most immediately, many older couples in Arlington Heights who decide to divorce after decades of marriage are nearing the age of retirement or have already retired. In these cases, divorce can pose significant financial questions that are important to discuss with an experienced Arlington Heights divorce lawyer.
To get a better sense of some of the issues that arise in long-term marriages, we would like to discuss an article in U.S. News & World Report regarding what adults should know about divorce during their senior years.
“Gray Divorce” is More Common Than You Might Think
As the U.S. News & World Report article emphasizes, the phenomenon of seniors making the decision to file for divorce after decades of marriage has become a much more common phenomenon than you might think. Indeed, a study conducted by sociologists at Bowling Green State University determined that the “divorce rate for those aged 50 and older doubled between 1990 and 2010.” Based on that data, the term “gray divorce” has arisen to refer to long-term marriages that end in divorce at the age around retirement.
Calculating Spousal Support
In Illinois, the duration of spousal support for long-term marriages is up to the discretion of the court. As an article in the Illinois Bar Journal explains, if a couple collectively earns under $250,000, there is a formula for determining the amount of spousal maintenance, as well as its duration. For marriages, however, that last 20 years or longer—as most marriages have that result in “gray divorce”—the court may award spousal maintenance for the same duration of the marriage (e.g., for 25 years if the marriage lasted for 25 years) or permanent spousal maintenance.
Your Financial Situation is Likely to Become More Difficult
For shorter-term marriages among younger couples, it is easier to bounce back from the financial setback of a divorce. However, when you are potentially already living off your retirement, splitting the retirement and other assets can be tough. It is also important to think carefully about whether you are actually interested in keeping your home if you are getting divorced after a long-term marriage. Since Illinois is an equitable division state, keeping your home likely will mean that your spouse will receive other (liquid) assets, and you may not have the funds you need for upkeep on the home or for taxes.
Discuss Your Case with an Arlington Heights Divorce Lawyer
After decades of marriage, divorce can become extremely complicated, especially in terms of finances for your future. You should speak with a dedicated Arlington Heights divorce attorney about your case. Contact SAM LAW OFFICE, LLC today to learn more about how we can assist you.