The rate of “gray divorce”—divorce among individuals aged 50 and older—has been rising in the United States, particularly among Baby Boomers.
A 2022 study published in *The Journals of Gerontology* found that the rate of gray divorce for adults over age 65 tripled from 1990 to 2019.
Gray divorces—divorces that occur later in life—are becoming increasingly common in Illinois and across the country. Couples who have been married for decades often face unique challenges when deciding to dissolve their marriage. These divorces often involve complex issues such as dividing long-held assets, addressing retirement accounts, and determining spousal maintenance. At Gordon & Perlut, LLC, we understand the sensitivities and legal complexities of late-life dissolutions and are committed to helping clients achieve fair and equitable outcomes.
Illinois law, governed by the Illinois Marriage and Dissolution of Marriage Act (750 ILCS 5 et seq.), provides specific guidelines for property division, spousal support, and other matters that arise during a divorce. Gray divorces usually involve financial considerations, including spousal maintenance, property division, and the division of retirement benefits.
In Illinois, marital property is divided equitably, not equally. Illinois courts will consider several factors, including the length of the marriage, each spouse’s financial needs, and their contributions to the marital estate, to ensure a fair distribution. Retirement accounts, pensions, and real estate often require detailed analysis to determine their value and how those assets should be divided under 750 ILCS 5/503 et seq.
Retirement accounts such as IRAs, 401(k)s, military retirements and pensions accumulated during the marriage are classified as marital property and will be divided equitably. A Qualified Domestic Relations Order (QDRO) might be necessary to divide these accounts without incurring penalties.
Spousal maintenance may be awarded in cases where one spouse requires financial support to maintain their standard of living. The court considers factors such as the length of the marriage, the age and health of the spouses, and their earning capacities when determining maintenance under 750 ILCS 5/504 et seq.
Health insurance is an important concern in gray divorces, especially when one spouse relies on the other for coverage. The availability and cost of health insurance post-divorce will impact divorce settlement negotiations.
Divorce often requires updating estate planning documents such as wills, trusts, and powers of attorney. Ensuring that your estate plan reflects your new circumstances is an essential part of the process.
Marital property is divided equitably in Illinois, meaning the court considers factors such as the length of the marriage, contributions of each spouse, and future financial needs. Assets like retirement accounts, pensions, and real estate are evaluated carefully to ensure a fair division.
Retirement accounts accumulated during the marriage are considered marital property and must be divided equitably. A QDRO may be required to divide these accounts without incurring penalties. The court will ensure the division aligns with Illinois law.
Spousal maintenance is often awarded in cases of long-term marriages where one spouse has a financial need, and the other has the ability to pay. The court evaluates factors such as the length of the marriage, each spouse’s earning potential, and their standard of living under 750 ILCS 5/504.
If you rely on your spouse’s health insurance, you may need to explore COBRA coverage, private insurance, or Medicare options, depending on your circumstances. These costs should be considered during settlement negotiations to ensure financial stability.
Working with a divorce attorney is very important. Your attorney will help identify and value assets, negotiate settlements, and ensure that your rights are protected throughout the process. Proper documentation and a clear understanding of Illinois divorce law are essential.
Social Security benefits are governed by federal law, but you may still qualify for spousal benefits based on your ex-spouse’s earnings if the marriage lasted at least 10 years. This can provide financial support after divorce, especially in retirement.
Gray divorces and late-life dissolutions require careful planning and legal guidance to ensure a fair outcome. At Gordon & Perlut, LLC, we are dedicated to helping individuals navigate the complexities of these divorces while protecting their financial future. Whether you’re dividing assets, negotiating spousal maintenance, or addressing retirement accounts, we are here to support you every step of the way.
Contact our Skokie divorce attorneys at Gordon & Perlut, LLC to schedule a free phone consultation when you call our Chicago office at 312-360-0250 or our Skokie office at 847-329-0101. We proudly represent clients throughout Illinois and are committed to achieving the best possible outcome for your divorce.