Gray Divorce and Financial Abuse

 Posted on June 28,2024 in Divorce

Older adults are more likely than younger people to fall prey to financial abuse. The perpetrator can be an adult child, a caregiver, or even your spouse. It is more common than you might think for one spouse to take advantage of the other financially, especially when both spouses are at retirement age. If you are a retirement-age adult questioning whether you want to stay married to your spouse, you should speak to an experienced Naperville, IL complex divorce attorney at once. A skilled lawyer can help you recognize the signs of financial abuse in your marriage and take steps to protect your financial health during the divorce process.

Recognizing The Signs of Financial Abuse in a Marriage

A financially abusive spouse will often claim that he or she is only trying to protect you as he or she gradually takes complete control of the finances. While it is sometimes necessary for a family member to begin managing the financial affairs of an elder who is suffering from Alzheimer’s or dementia, this process should be overseen by your doctors and an attorney who is obligated to act strictly in your best interests. Signs that your spouse is financially abusing you include:

• He prevents you from accessing your bank account, retirement fund, or savings - Both spouses should have equal access to the marital finances. 
• She claims you are not competent to manage finances despite a lack of evidence - Your doctors are satisfied that you are not suffering from age-related decline in cognition, but your spouse tries to tell you otherwise. 
• He spends a lot of marital funds without you - If your spouse has started making large, unnecessary purchases for himself, traveling without you, or spending foolishly without including you, he might be taking advantage of you. 
• She pressures you into signing powers of attorney she drafted - You should be the one creating your own powers of attorney so that you have control over who you name and under what circumstances you would want the document to take effect. If your spouse presents you with forms she has already completed and asks you to sign them, this could be a problem. 
• He does not consider your future needs - If you are likely to outlive your spouse, but he refuses to let you plan for your own future care, this is a sign that he is more interested in your money than your future. 

If your spouse is showing any of these signs, it would be prudent to have him or her evaluated for age-related cognitive decline, as some of these behaviors could be signs of early-stage Alzheimer’s or dementia. If your spouse is deemed mentally fit, it is possible that you are being financially abused.

Contact a DuPage County, IL Gray Divorce Attorney 

Law Office of Ronald L. Hendrix, P.C. is committed to protecting older adults during the divorce process. Our dedicated father-son team of Naperville, IL gray divorce lawyers will do all we can to ensure your financial future when you are leaving a financially abusive marriage.