Will County Over Age 50 Divorce Attorneys

Will County Gray Divorce Lawyers

Divorce involving spouses over the age of 50, which is commonly referred to as gray divorce, often involves unique, complex financial issues. Knowledgeable legal guidance is crucial in these situations, and an attorney can help address and resolve the various concerns that may arise. A skilled lawyer can help negotiate agreements involving the division of extensive marital assets while also addressing concerns related to retirement and financial support. At Law Office of Ronald L. Hendrix, P.C., our experienced attorneys are adept at handling these issues. We strive to ensure that our clients can achieve their goals and protect their financial futures as they work to end long-term marriages.

Division of Marital Property

In a gray divorce, the division of marital property can become particularly complicated due to the accumulation of extensive assets over many years of marriage. A couple will need to address tangible assets, such as their family home and other personal property, as well as intangible assets, such as financial accounts or stocks and bonds. Our attorneys can help ensure that property will be divided fairly.

Real Estate and Family Business Ownership

Real estate property and business interests may be some of the most valuable marital assets owned by a couple. Deciding who will own the family home, whether to liquidate real estate holdings, or how to handle the operation or division of a family business requires careful legal and financial consideration. Our attorneys can perform valuations of real estate or business assets, and we will work to negotiate settlements that will serve the best interests of our clients while also considering tax implications and any other factors that could affect their financial future.

Retirement Benefits and Related Concerns

Retirement plans, including pensions, 401(k) accounts, IRAs, or other retirement accounts, must be carefully addressed in gray divorce. A person may rely on the money they have saved for retirement or the pension benefits they have earned to provide for their needs later in life. We can help negotiate agreements that will protect our client's interests and ensure that they will be able to retire successfully. When dividing retirement assets, we can make sure qualified domestic relations orders (QDROs) are used to transfer funds without incurring penalties or unnecessary taxes. 

Spousal Support

Spousal maintenance may be a critical issue in a gray divorce, particularly if one spouse has been out of the workforce or relies on the income earned by the other spouse to cover their family's expenses. Eligibility for spousal support is determined based on factors such as the length of the marriage. If a couple has been married for a long period of time, a spouse may be able to receive spousal support indefinitely. Our lawyers understand the nuances of spousal maintenance laws, and we work to secure fair support arrangements that reflect the economic realities that will affect our clients.

Medicare and Social Security

Eligibility for Medicare and the impact of divorce on Social Security benefits are significant concerns for older spouses who are considering how to protect their financial interests in the future. Our attorneys can provide guidance on how divorce may affect eligibility for Medicare and whether a person can qualify for Social Security benefits based on their ex-spouse's work record. Understanding these factors is an essential part of retirement planning during and after a gray divorce.

Contact Our Will County Gray Divorce Lawyers

During a gray divorce, there are a variety of substantial assets and financial issues at stake, and it is important to make sure you will be prepared to provide for your needs later in life. At Law Office of Ronald L. Hendrix, P.C., we can help address the complex needs of people over the age of 50 during the divorce process. To learn more about how we can assist in a gray divorce, contact us at 630-355-7776 and arrange a free consultation.