Tag Archive for: Grey Divorce

Navigating Divorce Late in Life

National Senior Citizen’s Day is celebrated on August 21st. Whether you’re a senior (retirement age) or a quinquagenarian (50-59), seeking a divorce in your older years has unique challenges. If you’re looking to ‘untie the knot’ as an older citizen, here’s what you need to know.

What is Senior Citizen’s Day About?

Do you have an elderly person in your life that you love and appreciate? National Senior Citizens Day is the day to let them know how much you care, and it’s an opportunity to recognize their accomplishments. In 1988, President Ronald Reagan proclaimed this holiday to raise awareness about issues that affect senior citizens and their quality of life.

What is a Gray Divorce?

Gray (or Grey) divorce is the rising phenomenon of older couples in long-term marriages getting divorced. It refers to a demographic trend that has increased the split or separation of older couples who have been married for a long time. The term began to be used in the United States in 2004, but the practice had already been prevalent for about 20 years. The consequences of getting divorced after 50 can be incredibly financially and emotionally impactful to older people and their families.

The Rise of Gray Divorce

Gray divorce refers to an increase in the separation of older couples who have been married for a long time. According to research published in the Journals of Gerontology, more than one in three people who divorce in the United States is older than 50. Researchers also predict that by 2030, the divorce rate for the gray divorce population will triple. This trend can be attributed to various factors, including changing societal norms, financial independence, and the desire to seek personal fulfillment in the later stages of life. 

If you are facing a gray divorce, knowing your options is essential so you can begin a new chapter of life without worry. Let’s look further at some of the challenges of gray divorce and how you can embrace the change of a new beginning, no matter what stage of life you’re at.

Challenges Faced in Gray Divorce

Navigating a gray divorce presents a unique set of challenges for older adults.  Not to mention the stress associated with divorce can impact physical and mental health. 

The issue of spousal support (also known as alimony) may be a significant concern, and you may need to determine whether this form of support will be necessary, how much you may pay or receive, and how long these obligations will remain in effect. Other distinctive hurdles include dividing assets and trusts and the frightening scenario of telling your adult children (and potentially grandchildren) that you have decided to part ways after all these years.

So what causes gray divorce in the first place? Here are some of the most common factors for gray divorce:

  • Addiction and Abuse: Addressing issues related to addiction or abuse can lead individuals to reevaluate their relationships and opt for separation.
  • An Increased Desire for Happiness: As people age, pursuing personal happiness and fulfillment becomes more critical, potentially prompting them to seek new beginnings.
  • Empty Nest Syndrome: Couples might reassess their dynamics when children leave home, leading to different paths.
  • Infidelity: Infidelity can strain relationships irreparably, leading to the decision to part ways.
  • Lack of Intimacy: Over time, couples might grapple with reduced intimacy, prompting them to seek a more fulfilling connection elsewhere.
  • Financial Differences: Discrepancies in financial goals, spending habits, and values can cause couples to separate.

Divorce looks different for everyone. There is no right or wrong way to go about it. However, older couples seeking divorce might want to hire an experienced divorce attorney.  

Legal Aspects of Gray Divorce

The first step of divorce is identifying which assets are part of your marital estate and which are pre-marital possessions. If you and your spouse have been together for several decades, memories of who owned what tend to blur together. Pre-marital assets can get mixed into marital assets, such as if your husband/wife used money in his/her pre-marriage savings account to buy your house after marriage.

The division of property can be complex. Assets to discuss with your family law attorney include:

  • Health/Life Insurance Policies
  • Property/Marital Home
  • Social Security Benefits
  • Investments
  • Retirement Benefits
  • Cryptocurrencies

Illinois is an “equitable distribution” state, meaning the court won’t divide marital property evenly. Rather than splitting everything 50/50, they look at each party’s current situation and future needs. 

Work With an Experienced Divorce Attorney

At a minimum, you need a divorce lawyer to help you navigate the gray divorce process. Masters Law Group recognizes that gray divorce brings its own set of challenges and stress, and our clients seek a path toward a fresh chapter in their lives. With this in mind, we navigate settlement negotiations and mediation while keeping our clients’ well-being in mind.

Whether you’re venturing on a contested gray divorce, uncontested gray divorce, or gray civil union separation, our team of attorneys is positioned to advocate for your best interests when it matters most. In cases involving substantial assets, our experience shows. Masters Law Group excels in pinpointing and evaluating investments and wealth, spanning real estate, retirement funds, pension plans, crypto assets, domestic and foreign tax arrangements, stock options, trusts, and other tangible or potential sources of wealth.

Final Thoughts

Life doesn’t come with an expiration date, nor does our capacity for change. As we observe Senior Citizen’s Day, we must recognize the challenges of navigating gray divorce. Seniors going through a divorce should prioritize self-care, engage in physical activities, maintain regular medical check-ups, and have the support of an experienced legal team. 

At Masters Law Group, we understand there are many moving parts to divorce, and we are here to help you every step of the way. Our dedicated attorneys are ready to skillfully advocate for your position and provide your voice when you need it most. Servicing Cook, Will, Lake, and Dupage counties, our attorneys can help guide you through the process and protect your rights. 

Please contact us today to schedule a complimentary consultation and learn how we can support you through your gray divorce.

Planning for a Gray Divorce in Illinois

Gray divorce refers to the increasing divorce rate for older couples in long-term marriages. If you’re facing a divorce later in life, here’s what you should know. 

Divorce can be difficult and emotionally draining, especially after long-term marriage. Gray Divorce is often referred to as “diamond divorce,” a phrase which has been coined for the increasing number of late-in-life divorces.

The overall U.S. divorce rate is dropping but the number of divorces after age 50 is surging. The reason is a generational divide: Americans in their 20s, 30s and 40s are delaying and, in some cases, skipping marriage. Those who do get hitched are likelier to stay together. Meanwhile, baby boomers — who caused the divorce rate to surge starting in the 1970s — are continuing to divorce at higher rates as they age.

If you’re thinking about, or going through a divorce later in life, here’s what you need to know.

What is Gray Divorce? 

As mentioned above, gray divorce refers to a demographic trend that has witnessed an increase in the split or separation of older couples who have been married for a long time. The term began to be used in the United States in 2004, but the practice had already been prevalent for about 20 years. You need to know that the consequences of getting divorced after 50 can be incredibly impactful, both financially and emotionally, to older people and their families.

Splitting up after age 50 may be particularly hazardous to your emotional and financial health, far worse than doing so at younger ages. A wave of new research is quantifying the damage.

“It’s a grim picture,” said Susan Brown, a Bowling Green State University sociology professor and co-director of the National Center for Family & Marriage Research, which has generated many of the new findings. According to one study, people who’ve gone through a gray divorce report higher levels of depression than those whose spouses died.

The need for retirement benefits becomes more critical when you divorce later in life because people have less time to “make up” any losses they may face pursuant to a divorce. Understanding what benefits are available, and how they can be distributed, is paramount as you plan for a separate future. 

Reasons For Gray Divorce

Divorce is one of the most challenging parts of anyone’s life, but sometimes it is inevitable. Asides from generational differences, there have been a couple recurring themes linked to it.

Financial Issues: One of the most popular reasons is financial problems. Financial problems are problematic during any part of a marriage. When one partner has trouble keeping to a budget, especially if the other is a primary breadwinner, the outcome isn’t always favorable. One example of this is when one spouse makes an investment decision that goes sideways or loses money from a couple’s nest egg. On the other hand, if one of the partners earns all of the money in the household and; therefore, makes all of the decisions involving money, problems may arise. 

Empty Nest Syndrome: Empty Nest Syndrome is also another popular reason why people look to get divorced later in life. When you’re in the prime of your life, you may have two or three kids that consume your time. Pets, family activities, charitable efforts and layers upon layers also keep you happy and active. In many cases, as children grow up and leave home, you spend more and more time at home. This leaves you with time to reflect on you and your partner not being who you were before. 

Infidelity: Cheating on a spouse is another major reason for gray divorce. Infidelity does not carry the same stigma it did in earlier times, and this has led many married couples to stray. Combined with online dating sites encouraging infidelity, many are tempted by the lure of temporary, often younger sexual partners.

Growing Apart: Couples in gray divorce may have realized later in their lives that they lost the spark they had when they first married. Considering that the stigma around divorce is diminishing, they decide that divorce would be the best course of action.

Legal Considerations of a Gray Divorce

While the process of divorce is no different to those of younger divorcees, there are some special considerations unique to divorcing later in life.

Step one is identifying which assets are part of your marital estate and which assets are pre-marital possessions. This would be somewhat simple if you had only married your spouse two or three years ago, but after several decades of being together, memories of who owned what tend to blur together. Also, pre-marital assets can get mixed into marital assets, such as if your husband/wife used money in his/her pre-marriage savings account to buy your house after you were married.

The division of property can be complex. Assets to discuss with your family law attorney include:

  • Health/Life Insurance Policies
  • Property/Marital Home
  • Social Security Benefits
  • Investments
  • Retirement Benefits

Among the most important considerations is how best to ensure a good income stream and access to funds when needed. If older couples have been married for a significant period of time, spousal support may be more likely to be ordered. Additionally, this more often takes the form of permanent alimony. Lastly, postnuptial agreements (post divorce disputes) are signed after the date of marriage instead of before, and can address these issues such as debt, inheritances, and any other property the couple owns — such as a house — in the event of a separation.

Final Thoughts

Once you begin the stages of coming to terms and finalizing a gray divorce, it’s important to surround yourself with loved ones. Reconnect with old friends and family members that you have grown apart from over the years. Life gets in the way between being married and raising a family, focusing on your career and being involved in your community. It is time to reshuffle your priorities and place your needs first.

Divorce cases involving older individuals and substantial assets or complex estates require specialized knowledge.  Masters Law Group is skilled at identifying and valuing assets and wealth, including real estate, securities, business interests, retirement funds, pension plans, tax shelters (domestic and foreign), overseas accounts, stock options, trusts and other actual or potential sources of wealth.

If you’re looking for attorneys who are highly experienced Gray Divorce in Illinois, Masters Law group has a unique depth of knowledge, experience and talent in the Family Law and Gray Divorce field.

Contact us today to schedule a consultation.