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Tips for older divorcees on the division of marital property

On Behalf of | May 13, 2014 | Firm News

Divorce at any point in time can be difficult to navigate, but divorce at an older age may come with special considerations. Those Illinois couples who are older when they make the decision to divorce may have an especially tough time as they attempt to divide marital property that was accumulated over the course of a long relationship. If one spouse did not work outside the home, it can also be hard for them to reenter the workforce. None of this means that getting a divorce is impossible for older people, but it does mean that both parties may have to carefully consider arrangements for their future finances.

It may be wise for those contemplating divorce to examine their finances, paying special attention to bank accounts and any investments. Having one’s credit score determined can give a better idea of how the newly-divorced spouses will be able to obtain a new mortgage or other loans. Opening separate bank accounts and starting an emergency fund can help lead to financial security.

Though those are more common steps to take, there are some factors ex-spouses may not have considered. Many have to determine what to do with the house they already own, whether that means selling it or one spouse buying out the other’s share and having only their name on the mortgage. Those who were receiving health insurance through their spouse’s employer may want to have those benefits continued as outlined in a divorce agreement.

Those couples here in Illinois who may be considering divorce in the latter part of their life may feel intimidated, but it is possible to complete the process with some advance planning. Dividing marital property may seem daunting initially, but if each spouse educates themselves on the divorce laws in Illinois, it can be helpful. Starting a new future and a new life is probable after divorce, no matter a couple’s generation.

Source: Fox Business, “Divorcing Baby Boomers: How to Get a Financial Grip“, Donna Fuscaldo, April 30, 2014