Late-in-Life Divorce in DuPage County

 Posted on August 11, 2022 in Divorce

Late-in-life divorce, or divorce after 50 years of age, has doubled since 1990, with researchers forecasting the rate will triple by 2030. Also known as “gray divorce,” a term conceived by the American Association of Retired Persons, late-in-life divorces are prevalent and account for one out of every four divorces nationwide. Spouses choose to divorce after decades of marriage for various reasons, ranging from developing disparate values to shifting retirement goals. A gray divorce can be complex and contentious due to the length of the marriage, familial obligations, or even disputes about retirement savings. A divorce attorney, adept at marital property division and complex finance, can help strategize a late-in-life divorce plan.

Six Common Reasons for Gray Divorces

1. Lifespan – Life expectancy in industrialized countries continues to increase. Longevity may embolden spouses to reconsider their future. With the possibility of leading a healthy life for another 25 years, divorce at 65 years of age after decades of marriage may not seem unreasonable.

2. Financial independence – In general, women are now financially more independent than previous generations, with some women serving as the family breadwinner. With financial independence, many may feel undeterred by proceeding with a late-in-life divorce.

3. Social acceptance – Societal views on marriage and divorce have dramatically progressed in recent years. Some believe the importance of self-fulfillment and good mental health surpasses the significance of marriage and tradition.

4. Children – Typically, children of late-in-life divorced parents are adults. Once adult children leave the family home, prolonging a marriage to raise them in a two-parent home is no longer a necessary justification. Moreover, empty nest syndrome can incite spouses to reevaluate how they want to spend their remaining years now that their children are grown.

5. Retirement – Friction can arise between retired spouses who once relied on the benefits of physical separation from working outside the home. Shared hobbies, volunteer work, and social and family life could exacerbate feelings of being stifled by a spouse. Some could realize they have outgrown the marriage and are no longer compatible partners.

6. Working from home - Working from home became compulsory for many throughout the COVID-19 pandemic. Even after the quarantine, some continue to work remotely. Although some families may welcome this flexible work arrangement, spouses may find it oppressive and burdensome. The tension that can develop between family members working and living together within the confines of a home could harden one’s resolve to reassess the marriage.

Ten Financial Tips for Late-in-Life Divorce

The trauma from a divorce can be distressing for anyone at any age. A late-in-life divorce after decades of marriage can be emotionally tumultuous since the spouses share so much history. Despite the duration of a marriage, it takes a tremendous amount of courage to choose divorce once the marriage is no longer viable. A late-in-life divorcing spouse should devise strategic initiatives with their divorce lawyer to assess their finances and determine their financial goals. The following tips may help optimize your financial stability now and throughout the forthcoming years.

1. Compose a detailed list of all marital assets and debts to ascertain equitable division of the estate.

2. Calculate alimony that is due or owed.

3. Calculate future tax liabilities.

4. Assess retirement accounts, including pensions, IRAs, 401Ks, and other investments, and gauge their future value.

5. Evaluate life insurance policies.

6. Decipher spending habits and estimate the cost of living for the future, which may fluctuate with inflation or a recession.

7. Calculate your current mortgage and project the home’s future worth.

8. Evaluate current medical and dental insurance plans and calculate the possible health care costs in the event of illness.

Contact a DuPage County Divorce Attorney

At Pesce Law Group P.C., a full-service family law firm, our reliable divorce attorneys aggressively advocate for fair and favorable solutions. Our team of compassionate professionals appreciates the needs of our clients and we understand the complexities surrounding late-in-life divorces. If you are seeking a late-in-life divorce, contact a Naperville divorce attorney at 630-352-2240 for a free consultation.

Sources:

https://www.psychologytoday.com/ca/blog/home-will-never-be-the-same-again/202108/why-the-divorce-rate-older-couples-keeps-rising

https://www.everydayhealth.com/emotional-health/why-more-couples-are-divorcing-at-older-ages-than-before-and-what-you-can-do-to-avoid-it/

https://www.americanbar.org/groups/dispute_resolution/publications/JustResolutions/just-resolutions-march-2022/how-grey-divorce-differs-from-a-typical-divorce/

https://www.investopedia.com/personal-finance/mistakes-avoid-when-divorcing-over-50/