How Should Older Couples Prepare for an Illinois Divorce?

 Posted on August 26,2020 in Divorce

Divorce can be difficult for any couple, and it often becomes more complicated the longer a couple has been married. When couples over the age of 50 choose to get a divorce, they face not only the end of a relationship that has formed a large part of their lives but also the prospect of coping with the challenges of old age independently. For this reason, it is important to properly prepare for the divorce process to reduce the possibility of an emotionally and financially stressful outcome.

Important Considerations for Older Spouses in Illinois

If you are pursuing a divorce in your 50s or beyond, you can improve your readiness by taking the following actions:

• Re-evaluate your retirement plan: Keep in mind that contributions to either spouse’s retirement accounts during your marriage will likely be considered marital assets, and are therefore subject to equitable distribution during the divorce. With less personal savings, you may need to consider delaying your retirement or adjusting your post-retirement budget. However, if you plan ahead, you can also avoid unnecessary tax and early withdrawal penalties during the division of assets.

• Understand your health insurance options: If you are a homemaker or are unable to work, you may have relied on your spouse’s employment for health insurance coverage and Medicare. As your divorce approaches, you may need to consider alternative coverage options or negotiate for a divorce resolution that accounts for the cost of your long-term medical care.

• Take stock of your marital property: Aside from retirement accounts, couples who have been married for many years often share many other assets and properties, such as vehicles or vacation homes. Before your divorce, you should work with an attorney to identify which properties are considered marital and non-marital assets and identify the items that are most important to you personally.

• Revisit your estate plan: During your divorce, you may determine that you need to modify existing wills and trusts or create new ones to ensure that they provide for your preferred beneficiaries.

• Communicate with your adult children: Divorce may not affect the day-to-day lives of adult children like it would if they were younger, but you may still find it important to keep your children informed about the divorce so that you can maintain family relationships. As with younger children, you should also be careful not to force your adult children to take sides or act as go-betweens in conflicts with your spouse.

Contact a Naperville Divorce Attorney

The accomplished attorneys at the Law Office of Ronald L. Hendrix, P.C. have experience helping couples of all ages throughout the divorce process, and we understand the unique challenges that older couples face. We will work with you to plan for a better future after your divorce, both financially and emotionally. Contact a compassionate DuPage County divorce lawyer today at 630-355-7776 to schedule a free consultation.

Sources:

https://www.forbes.com/sites/margueritacheng/2019/02/28/4-main-challenges-of-a-grey-divorce/#2fc18af53e0d

https://www.ilga.gov/legislation/ilcs/ilcs5.asp?ActID=2086&ChapterID=59