DuPage County Over Age 50 Divorce Attorney

DuPage County Grey Divorce Lawyers

For people who are over the age of 50, divorce will involve multiple types of complex issues. In addition to the personal and emotional concerns that come with the end of a long-term marriage, a person may need to address a wide variety of financial considerations. They will need to make decisions about how to divide the property and assets they have accumulated during their marriage, while also ensuring that they will have the financial resources to meet their needs throughout the rest of their life, including after retirement. 

Law Office of Ronald L. Hendrix, P.C. provides effective legal representation in gray divorce cases, ensuring that our clients' interests are protected and helping them determine the best solutions that will allow them to maintain ongoing financial stability. We understand the nuances of the divorce laws in Illinois and how they apply to people over the age of 50. We work closely with our clients to ensure that they are well-informed and prepared to negotiate agreements and resolve divorce-related issues effectively.

Our attorneys can help address the many concerns that may arise in a gray divorce, including:

Division of Real Estate

Real estate property, which may include a couple's family home or any other residential or commercial properties they own, is often among the most valuable assets that will need to be addressed during a divorce. Decisions about whether to sell the marital home or allow one spouse to retain sole ownership can significantly impact each party's financial security. Our attorneys can help evaluate the best options based on our client's financial circumstances and their future housing needs, aiming for equitable solutions that support long-term financial stability.

Ownership of Family Businesses

For spouses who are business owners, determining how to handle ownership of family businesses can be particularly challenging. A business valuation will typically need to be performed to ensure that the value of business assets is fully understood. Decisions must then be made about whether one spouse will buy out the other spouse's interest in the business, whether the business should be sold, or whether continued co-ownership by both spouses will be possible. Our legal team has extensive experience addressing issues related to business assets, and we can help negotiate agreements that will allow for our client's ongoing financial success while considering tax implications and other related financial concerns.

Addressing Personal Belongings and Hidden Assets

Personal property will need to be divided along with other marital assets. In some cases, this can lead to contentious disputes due to the sentimental value of different items. Additionally, concerns about hidden assets may arise if a spouse is suspected of concealing money or property to avoid sharing it with the other apathy. Our attorneys are skilled in negotiating workable property division settlements while uncovering and accurately assessing marital assets to ensure transparency throughout a divorce.

Division of Retirement Accounts and Pensions

Older spouses may expect to use the money they have saved for retirement or the pension benefits they have earned to meet their needs in the future. However, these assets may need to be divided during a divorce, and it is important to follow the correct procedures when doing so. Dividing retirement accounts and pensions requires careful planning to avoid tax penalties and ensure that a person can maintain financial security. Our attorneys can ensure that qualified domestic relations orders (QDROs) are used to divide these assets, and we can also address other financial concerns related to retirement that may arise in a gray divorce.

Addressing Social Security and Medicare

When planning for retirement, a person will need to understand what government benefits they can receive. In cases where one spouse has considerably lower lifetime earnings than the other, they may be eligible for Social Security benefits based on the other spouse's work history. Our team can provide guidance on how divorce may impact these benefits, and we can help our clients take steps to maximize the benefits they can receive. 

Contact Our DuPage County Gray Divorce Attorneys

At Law Office of Ronald L. Hendrix, P.C., we understand the unique challenges faced by older spouses during the divorce process. With our knowledge of the legal and financial concerns that may arise in these cases, we empower our clients to make informed decisions that will benefit their future. To set up a free consultation and get the legal representation you need during a gray divorce, contact us at 630-355-7776.