Special Considerations in a Gray Divorce

Special Considerations in a Gray Divorce

Every divorce comes with its own unique complications, but gray divorce – or divorce after a long marriage – tends to come with a host of complications that make the matter that much more challenging. If you are facing what has come to be known as gray divorce, the first step in the process should be consulting with a dedicated Illinois divorce attorney who has considerable experience successfully guiding these often difficult cases toward favorable resolutions. 

Divorce Terms

When it comes to gray divorce, the matters of parenting time and responsibilities tend not to apply, which leaves the division of marital property and alimony as the primary concerns. Because these represent your financial rights and are critical to your financial future, it’s important to allow them the legal attention they deserve. 

The Division of Marital Property

Marital property refers to those assets that you and your spouse acquired over the course of your marriage, and after a long marriage, these assets can be considerable, which means that their division is almost certain to be complicated. In the State of Illinois, marital assets must be divided equitably (or fairly given the circumstances involved) upon divorce, and after a marriage of many years, there can be a substantial number of complicating factors, including:

• Your finances are likely to be inextricably entangled.
• Your financial portfolio may be especially complicated.
• One of you is more likely to have taken on the role of managing your finances, which can make achieving financial transparency more difficult.
• One of you is more likely to have sacrificed your own career to stay home with the kids and support the other’s career advancement, which further complicates the matter of finding an equitable financial balance.
• If one of you will lose insurance coverage with the divorce, addressing this loss can be a considerable hurdle. 

Alimony

When one spouse faces a divorce-related financial setback, and the other has the ability to help financially, alimony (or spousal maintenance) can play a role. While alimony is by no means a certainty in divorce, it is far more likely to apply in gray divorce. If one spouse took care of the home and raised the children while the other forged a successful career, divorce can leave the homemaker with little earning capacity and without the kind of time required to build a career of his or her own. In fact, permanent alimony – called spousal support for an indefinite term – is far more likely in gray divorce. 

An Experienced Illinois Divorce Attorney Can Help

Divorce is challenging, but gray divorce is often more so. The accomplished Illinois divorce attorneys at SAM LAW OFFICE, LLC, understand the gravity of the difficulties you face and are committed to tirelessly advocating for divorce terms that uphold your financial rights and allow you to move forward toward your bright post-divorce future. Your case is important, so please don’t wait to contact us for more information about how we can help today.