DuPage County Lawyer for Couples Near or In Retirement

Attorneys Assist Older Divorcing Spouses in Naperville, Plainfield, and Bolingbrook

The divorce process can be stressful and complicated for anybody, but if you are close to retirement age or have already retired, you will likely be concerned about how your divorce will affect your ability to provide for yourself throughout the rest of your life. To ensure that your financial interests are protected, you will want to work with an experienced family law attorney who can help you reach a divorce settlement that will meet your ongoing needs.

At the Law Office of Ronald L. Hendrix, P.C., we can help you understand the legal and financial issues that you will need to address during your divorce, and we will provide you with dedicated representation throughout the legal process. Our lawyers have more than 35 combined years of legal experience, and we will work to ensure that you are prepared for success after your divorce has been finalized.

Legal Issues For Divorcing Spouses in or Near Retirement

When you are preparing to retire or have already begun your retirement, you may have limited funds available to provide for your needs. As you divide your marital property during your divorce, you will want to be sure you will continue to have the financial resources you need. As you work through the process of ending your marriage, you may need to address a variety of issues that affect your finances, including:

• Retirement accounts and pensions - Money saved in retirement accounts during the marriage such as 401(k)s or IRAs will need to be divided along with other marital assets, and any pension benefits earned by either of you during your marriage may also be divided when they begin being paid out. In most cases, a qualified domestic relations order (QDRO) should be used to transfer funds or allocate pension benefits. This can ensure that taxes will not be incurred until funds are withdrawn following retirement, and it will also ensure that penalties for early withdrawal will not apply if money is transferred before reaching the proper age.
• Social Security - You can usually begin receiving Social Security retirement benefits once you reach the age of 62, although you will receive higher benefits if you delay your retirement until a later age. Following divorce, if your ex-spouse is eligible for a higher Social Security benefit, you may benefit on a calculation based on one half of your ex-spouse's income if the income is higher and would provide a higher benefit payment, provided your marriage exceeded 10 years. This can be beneficial if you did not work during your marriage or if you earned a lower income than your ex-spouse. You may be able to begin receiving Social Security based on your ex-spouse's eligibility and other requirements set forth by the Social Security Administration.
• Medicare - Healthcare benefits under Medicare are usually available to those who have reached the age of 65, as long as they were employed for at least 10 years and paid Medicare taxes during that time. If you do not meet those requirements, you may be able to receive Medicare benefits based on your ex-spouse's work history. It is important to consider how your healthcare needs will be met after you have obtained a divorce.
• Spousal maintenance - A spouse who earns a lower income than their former partner may be awarded spousal support following divorce. The duration of these payments will depend on the length of your marriage, and if you were married for 20 years or more, maintenance may be paid permanently. If you expect to pay spousal support, you will want to be sure to understand how this requirement will affect your ability to meet your own needs both before and after your retirement. If you will be receiving maintenance, you should understand how changes in your ex-spouse's income following retirement may cause spousal support to be modified upon your ex-spouse's retirement.

Contact a Will County Divorce Attorney

If you are getting divorced when you are close to retirement age or after retirement, you will likely need to address a variety of complex issues. Our lawyers can help you create a divorce settlement that will protect your financial security. To learn how we can help, contact us and schedule a free consultation by calling 630-355-7776 or 815-722-7050. We assist with divorce cases in Bolingbrook, Plainfield, Naperville, DuPage County, Kendall County, Kane County, and Will County.