Gray divorce, which is the divorce of couples after the age of 50, has seen a rise in recent years. Divorcing later in life can come with unique challenges, such as complex financial and lifestyle realignments. Elizabeth Wakeman of Wakeman Law Group, P.C., shares the most common factors contributing to gray divorces and the specific legal and financial hurdles one may face, such as dividing retirement assets, healthcare costs, and new lifestyle expectations.
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Specific Challenges in Gray Divorce
The divorce rate for adults 50 years of age and older has nearly doubled since 1990. Among those 65 and older, it’s tripled. As a no-fault state in Illinois, the only ground for a divorce is irreconcilable differences.
Challenges come with divorce at any age, but when you split from your spouse later in life, the priorities and disputes often change from child support and custody to retirement savings and the division of property. There are often more complex financial situations, sometimes involving businesses, real estate, and other assets.
Helpful Resources for Gray Divorce in Illinois
Navigating your divorce can be challenging, especially for those divorcing later in life. Consider the following resources for more information and education on gray divorce in Illinois.
How Elderwerks Can Help
Elderwerks is a not-for-profit 501c3 organization that provides seniors and families with information, referrals, and guidance for senior living, home care, and support services. If you want to connect with a lawyer to guide you through your grey divorce, call us at 855-462-0100.
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