While every divorce is different, those that occur later in life come with some especially unique challenges. Interestingly enough, these types of divorces are also becoming more common. If you are nearing your retirement and are thinking about or planning to divorce, the following information can help you learn how to protect yourself, and your financial future, in a “grey divorce.”
Later-Life Divorces Rates on the Rise
Among the younger generations, divorce rates have been steadily declining since the 1980s. Yet, among those nearing retirement age, the rate of divorce has more than doubled over the past two-and-a-half decades. Why is this happening? There are a lot of theories.
Some experts think it is because people are living longer and are more carefully considering how they want to spend the next 20 to 30 years of their lives. Others believe societal shifts are to blame (i.e. what constitutes a “good” marriage and the eroding stigma surrounding divorce). Still, some say it is partly because women, who typically initiate divorce, are more financially independent than they used to be.
Understanding the Possible Implications
Couples who are nearing retirement age may have gone to extraordinary lengths to ensure they would live comfortably during their retirement. Unfortunately, because a divorce requires them to divide what once was meant to run one household into two, they may become at risk for financial troubles. With their earning years nearly (or completely) behind them, they have little chance to recover, should this happen. Thankfully, there are some steps that can be taken to financially prepare for divorce, even at this later stage in life. An experienced divorce attorney can help.
Dividing Complex Assets in an Illinois Divorce
Whatever your scenario may be, it is important to understand the way that assets are divided in an Illinois divorce. Whereas some states have couples split everything down the middle, Illinois requires an equitable distribution. This means that your complex assets and property investments will be divided between you and your spouse in a “fair” manner. Protect your interests, and your retirement, by contacting an experienced divorce attorney that can give your case the personalized attention it deserves. After all, you are dealing with highly unique issues; your case should be treated accordingly.
Contact Our St. Charles, Illinois Divorce Lawyers
If you are planning on filing for divorce, let Pucci | Pirtle show you the difference that a personalized approach can make in your case. Dedicated to your best interests, our seasoned St. Charles, Illinois divorce attorneys will protect your future. Call 630-945-8807 and schedule your consultation today.