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Hillside, IL 60162

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Surviving Post-Retirement Divorce

Posted on in Divorce

Illinois divorce lawyersWhile the divorce rate has been declining in most age groups, those over the age of 50 are getting divorced in record numbers. The percentage is now so high, in fact, that it has more than doubled over the last two decades. This phenomenon has been dubbed the “gray divorce.”

In some ways, these later-life divorces could be considered a positive thing; it means baby boomers are living longer and are more confident in their ability to enjoy a happy life on their own. Yet there are some important concerns that should be addressed. The following explains.

Considerations That Should Be Made

Unlike younger couples who have time to recover from the financial hit of divorce, those pursuing divorce after or near retirement age can be at serious risk for divorce-induced poverty. This issue can be even further exacerbated by the fact that retiring couples generally only plan for one set of expenses - not two. As such, couples should carefully consider how they will move forward with the divorce process prior to filing.

Planning and Preparation Can Improve the Outcome

While the risks may seem impossible to overcome, planning and preparation can go a long way to mitigating the risks of financial problems after the divorce is complete. For example, couples might want to work at paying down their debts to reduce their post-divorce financial burden. Couples could also discuss letting go of the family home to reduce their cost of living after the divorce. The most crucial planning step, though, is ensuring you have an experienced attorney guiding you through the difficult process.

Why an Attorney is Crucial in Gray Divorce

Older couples typically have retirement accounts and other complex assets to divide. They have also spent years, possibly decades intertwining their lives and assets. Untangling those financial matters is often difficult. Determining how to divide them is rarely straightforward. This is where an experienced divorce lawyer can help.

Able to assist you through the process to avoid the major financial pitfalls of divorce, and dedicated to assisting you through the process, the Law Office of Vincent C. Machroli, P.C. is the firm to trust. We have the experience you need to effectively navigate your divorce, and we will work with you to develop a plan. Schedule a consultation with our Oak Park divorce lawyers to learn how we can assist you. Call 708-449-7400 today.

Sources:

http://www.miamiherald.com/living/article137668928.html

http://www.cnbc.com/2017/03/01/surviving-divorce-after-50.html

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