A Guide To Divorce For Couples Over 50 Or 'Gray Divorce'

Whether their current marriage has been long or short, couples who choose to divorce after age 50 have needs that younger families do not share. Frequently, the divorcing spouses may have a higher asset base to divide, or complex assets such as retirement accounts must be apportioned properly.

At the Law Firm of Debra J. Braselton, P.C., our founding attorney has worked with many clients who are filing for divorce after the age of 50. She has cultivated a network of professionals — from forensic accountants and financial planners to business valuation experts — to assist in the analysis of high-value estates.

Knowledge Is Power In Divorce For Couples Over 50

It is common in divorces between people over age 50 that one spouse may be far more aware of the couple's financial status than the other. Regardless of your earning power during the marriage, as you enter the divorce process, it is imperative that you get a clear picture of your finances, including:

  • A full inventory of your marital assets
  • The amount of debt that you carry, especially debt that is held jointly
  • How your retirement accounts are titled and how much is in them
  • The anticipated Social Security annuity for each spouse
  • Whether you are receiving health insurance coverage through your spouse and what the cost of replacement coverage will be
  • The balance of your mortgage and if it is feasible for one person to shoulder the entire monthly payment

Alimony And Retirement

Requests for alimony, or spousal support, may be made by the lower-earning member of the couple as part of a divorce. If the divorce occurs near retirement age, the lower-earning spouse may not have a chance to recover his or her standard of living after the divorce. Our firm can help you project your financial situation and plan for the best possible future after divorce. If your relationship is still amicable, you and your ex may be able to negotiate a collaborative divorce solution that fits your individual needs perfectly.

Young Or Young At Heart, We Can Advise You On All Divorce Matters

Our firm is based in Oakbrook Terrace and we serve clients in DuPage County and the surrounding area, including Downers Grove, Hinsdale, Clarendon Hills, Lisle, Elmhurst and Naperville. Call us at 630-DIVORCE or 630-261-1222, or use our online contact form to set up an initial consultation with a lawyer.