St. Charles Gray Divorce Attorneys

Kane County Divorce Attorney Offers Advice for Couples Ages 50 or Over

If you are considering divorce and are age 50 or older, your needs in a divorce can be much different than those of a younger person. As we age, our children grow up, and we begin to think about retirement, and the issues in a divorce change as well. This shift of focus may include:

• Property division may be more complicated because you have significant assets and your finances are commingled. You have also become accustomed to a certain standard of living that may not be possible to sustain post-divorce. In addition, you may have substantial premarital assets or assets from a previous marriage.
• Maintenance, spousal support, or alimony is often a hotly contested issue in so-called "gray divorce" for several reasons:
• When one spouse has been out of the workforce for more than a few years, they may find it difficult to obtain employment and become self-supporting as an older adult.
• When one spouse has major health issues, they may be unable to work, and they may have significant medical expenses.
• When there is a major difference in income-earning potential between spouses, the higher-earning spouse may be expected to pay a substantial percentage of their income to the lesser-earning spouse.
• With limited working years in the future, alimony is limited to how long the payor spouse works.
• Paying for retirement can be a looming concern, as you have fewer earning years ahead.
• If you are both retired, alimony may not be an option and the case will be primarily an asset division case.

At Goostree Law Group, our attorneys approach every divorce case with equal compassion and concern, regardless of your age or the length of your marriage.

Each of our attorneys is a highly skilled negotiator and litigator with an average of 15 years' experience. The combined experience of our staff makes us uniquely qualified to handle the most complex cases, including those involving complicated property division, maintenance, and retirement concerns.

The longer you have been married, the more difficult it can be for you and your spouse to separate your married life into two separate single lives. You can rely on the lawyers at Goostree Law Group to negotiate assertively on your behalf and to make this transition as smooth as possible for you.

Special Concerns for Late-Life Divorce After a Long Marriage

Guided by your goals for your post-divorce life, the attorneys of Goostree Law Group will negotiate a divorce settlement that leaves you in the best possible financial condition. If you are struggling to envision your future and define your goals, our on-staff divorce coach can help.

We will guide you step-by-step through the legal process of divorce and patiently answer all of your questions. You can count on us to provide sound legal counsel as you make decisions about your divorce settlement. Some of the most common retirement, health, and financial concerns we hear are:

Downsizing

One of the top concerns for people going through a "gray divorce" is the cost of selling their current residence and acquiring and furnishing a new residence. We can advise you about the many legal and financial considerations, such as getting an accurate inventory of all of your furnishings and getting appraisals of major assets such as your home, vehicles, boats, antiques, and jewelry. It is important to take a hard look at your finances at this time and determine what kind of lifestyle you can realistically afford post-divorce. For many divorcing couples, this may mean downsizing.

Retirement Funding

With the average American expected to live until roughly age 80, and more people living into their 90s, setting a realistic budget for your retirement years is crucial to your long-term security. We will make sure that all retirement accounts held in both your name and your spouse's, as well as any pension benefits, are carefully examined and fairly divided.

Health Insurance

If you have been dependent on your spouse's employment for your health insurance, you may be concerned about how you will afford health insurance on your own until you become eligible for Medicare. Ask us about the Illinois law on spousal continuation of insurance, which allows you to stay on your spouse's employer's insurance plan for one or more years after a divorce.

Maintenance, Spousal Support, or Alimony

Illinois law provides guidelines for the amount and duration of maintenance that one spouse may receive from the other post-divorce. If you have been married for 20 years or longer, the court may award you maintenance payments for life. However, you should be aware that maintenance payments end automatically when the payor dies unless they are backed by a life insurance policy. In addition, when the payor retires and their income drops, the amount of monthly maintenance payments will generally drop accordingly.

Contact Our St. Charles Gray Divorce Lawyers

The attorneys of Goostree Law Group will advocate strongly for your interests in matters of divorce, family law, and criminal defense. We serve clients in the Kane County communities of St. Charles, Campton Hills, Elgin, Geneva, Batavia, North Aurora, Elburn, Kaneville, and LaFox. Contact us in our St. Charles office at 630-584-4800 for a free consultation.