In recent years, the rate of baby boomer divorces has increased gradually. In the state of Illinois, every 4th divorce includes spouses age 50 or older, 20 years ago they were included in only 10% of divorces. There are many reasons why a “grey divorce” or “baby boomer divorce” are happening not just in the state of Illinois, but across the country.
Marital roles & expectations have been changing and it has taken the boomers some getting used to. In the past, marriage was taken for granted; once you got married you were in it for life. Today couples expect more from marriage and the quality of marriage has become more important. A 2020 study found that boomers were more likely than any other age group to say that happiness is the main point of marriage, and 60% said they would rather divorce than stay in an unhappy marriage. It is only natural that couples start to question decisions they made some 30+ years ago, and feel that divorce is the best option. This is also the time when you should consider talking to an experienced senior divorce lawyer. At Rutter Family Law LLC., we have been helping senior couples with their baby boomer divorce for many years.
Some marriages have had their problems surface when the children have grown up and left home. These problems may have been developing for many years, due to poor communication and because it was expected to just stay together without trying to fix the problem. Seniors are more aware these days and know there are other options available.
Baby Boomer Divorce Lawyer in Kane County, IL.
While divorce is more acceptable now, many older couples who get divorced still struggle with their newly single life. Researchers said that some baby boomers have to get used to a new culture after getting divorced before they can feel comfortable and successful again.
Divorce is not easy for anyone and baby boomers thinking about divorce have several considerations to make. That is why it is important to consult a senior divorce attorney to discuss what steps to take to ensure a happy and successful life after divorce. Here are some considerations for those navigating a senior divorce:
Financial Security & Asset Division
- Retirement Accounts & Pensions: Splitting retirement savings (401(k)s, IRAs, pensions) can significantly impact financial stability.
- Social Security Benefits: If the marriage lasted at least 10 years, one spouse may be entitled to spousal Social Security benefits based on the other’s earnings, even after divorce.
- Property & Real Estate: Deciding whether to sell or keep the marital home is crucial, especially if maintaining it alone becomes financially difficult.
- Debt Responsibility: Shared debts, including mortgages, credit cards, and loans, must be equitably divided.
Healthcare & Insurance
- Health Insurance: Losing coverage from a spouse’s employer-provided insurance can be a major concern, especially before qualifying for Medicare at age 65.
- Long-Term Care Planning: Without a spouse as a caregiver, planning for nursing home or assisted living costs becomes even more important.
Estate Planning Updates
- Wills & Trusts: Updating beneficiaries on wills, trusts, and other estate planning documents is critical.
- Power of Attorney & Healthcare Directives: Naming a new decision-maker for financial and medical decisions may be necessary if the ex-spouse was previously designated.
Tax Implications
- Alimony & Taxes: Alimony payments may not be tax-deductible (for divorces finalized after 2018), and recipients must account for tax liabilities.
- Capital Gains & Home Sales: Selling a home post-divorce can have tax consequences, so consulting a tax professional is advisable.
Divorcing later in life is a major financial and emotional transition. Contact Rutter Family Law LLC to schedule your free consultation today!