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Wakenight & Associates, P.C.

707 N. York Street, Suite 201, Elmhurst, IL 60126

DuPage County | 630-852-9700

Mokena | 815-727-6144   Oak Park | 708-848-3159

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Hinsdale divorce over 50 attorney

Many groups in the United States have experienced a drop in divorce rates; however, the opposite is true for older Americans. According to the National Center for Health Statistics and the U.S. Census Bureau, the number of people divorcing after the age of 50 (known as gray divorce) has just about doubled since 1990. Gray divorce has become increasingly more common for a few different reasons. For example, divorce has lost much of the stigma it carried years ago, and people are living longer and not willing to stay in unfulfilling marriages.

Gray divorces often include a variety of unique financial considerations and legal issues that may not have the same importance for other divorcing couples. Some people may worry that they will not have enough money to retire when they originally planned to. Other people may be concerned with what happens to the assets that they have accumulated throughout their years of marriage. Understanding these issues and how to deal with them is the key to a successful gray divorce.

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Elmhurst divorce lawyer finances assets debtsThere are many important elements during the divorce process that require careful attention and deliberation. High among these are the multitude of financial concerns that typically arise. When a couple splits, it can lead to significant monetary strain. That is why you need a skilled divorce attorney who will fight for you as divorce agreement negotiations commence, or if you require courtroom litigation to settle relevant issues.

Here are some of the primary financial concerns that come up in divorce cases: 

Division of Marital Property

Spouses usually keep anything they brought into the marriage. Any possessions or financial accounts accumulated during the marriage are considered marital property, which in Illinois is divided on an equitable basis, but not necessarily an even split. The division may be substantially uneven if one spouse has a significantly higher earning capacity and the other’s quality of life is best preserved by receiving more of the couple’s property.

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