Thinking of Divorce in Your 60s? Consider These Factors

 Posted on February 02, 2022 in Main

 Divorce at any age can be complicated. However, getting divorced in your 60s involves additional complicating factors. If you are thinking about ending your marriage and you are in your 60s, you may have financial, legal, and practical concerns. You may worry about your ability to retire on time or have questions about the ownership of your home. You may also worry about how divorcing will affect your grown children or the friendships you have with other married couples. There is no getting around it: Divorce later in life is challenging. Fortunately, you do not have to go through it alone. A divorce attorney experienced in “gray divorce” matters can be a tremendous asset during the divorce process.

Financial Considerations for Older Couples Who Divorce

During your divorce, you will need to address the allocation of your property and debts. In Illinois, property that was obtained by either spouse during the marriage is considered marital property except for a few exceptions. Retirement assets accumulated during the marriage are also considered marital property. A divorce attorney can help you figure out how the split will affect your retirement.

Furthermore, older couples often have greater wealth than younger couples. You and your spouse may own real estate, business investments, stocks, antiques, and other complex assets that will need to be accurately valued before they are divided.

Another issue to consider in a gray divorce is spousal maintenance or alimony. The lesser earning spouse may be entitled to spousal maintenance payments. However, maintenance is not automatically awarded. Courts consider both spouses’ health, age, employment status, earning capacity, and other factors to determine if spousal maintenance is appropriate. The duration of maintenance payments is typically based in part on the length of the marriage.

Personal Consequences of Ending Your Marriage

Of course, ending your marriage does not only have financial consequences. Everything about your life may change. Understandably, many spouses going through divorce in their 60s experience a range of emotions including grief, anger, frustration, and regret. Mental health experts suggest that anyone going through a divorce take time to focus on their emotional and psychological needs. Engaging in hobbies, meeting new people, and taking time to do things you enjoy are all great coping strategies. Additionally, do not be afraid to reach out for help. Divorce support groups, church or religious leaders, and professional counseling can all be useful tools during a divorce.  

Contact a DuPage County Divorce Lawyer for Older Couples

If you are in your 60s and you are thinking about divorce, contact MKFM Law for legal help. Call our Wheaton family law attorneys at 630-665-7300 for a confidential consultation.

Source:

https://www.mhanational.org/separation-and-divorce