August 11,2021

Divorce, Family Law, High Net Worth Divorce

Goodman Law Firm

What to Know About Filing For a Gray Divorce

HomeBlogDivorceHigh Net Worth DivorceWhat to Know About Filing For a Gray Divorce

Each divorce is unique. Some couples have minor children, and some don’t. Some have only been married for a few years, and others have been married for decades. If you fall into the latter group of spouses, you’re not alone. In fact, the number of gray divorces is increasing dramatically throughout the state of Illinois. Gray divorces are those in which spouses are older, giving them unique needs and worries as they go through the divorce process. Fortunately, you can find support alongside an experienced Illinois divorce attorney who is well-versed in the concerns and dynamics associated with a divorce occurring later in life. You’ll find that attorney at Goodman Law Firm.

What Makes a Gray Divorce Different?

Couples who split earlier in life are less likely to have children. They aren’t as likely to have accumulated as many assets as older couples, either. These types of divorces are typically easier—each spouse can essentially take what is theirs. Gray divorces involve more assets, including retirement accounts that may need to be accessed sooner than later. They can involve children and many unknowns. Although untangling or determining what belongs to each spouse can be quite a task, children of a gray divorce are often adults themselves who no longer need financial support, which may make the process easier on the couple.

Another important aspect of a gray divorce is securing financial support for your retirement, which is often possible with the help of an attorney. Clients may be concerned about potential impacts of a gray divorce, but it’s possible to obtain the financial support you need. An attorney can help you navigate this process and find the right path to a better future.

Preparing for a Gray Divorce

Once you’ve decided that you will move forward with a gray divorce, the first and best thing you can do is educate yourself. Hiring a knowledgeable Illinois divorce lawyer is an ideal way to accomplish this. Not only can they ensure you are aware of your options and rights, but they can also advocate for them. Even if you aren’t sure your marriage will end in a gray divorce, it never hurts to consult with an attorney to learn more and be prepared.

If possible, it helps to take this time to learn more about your family finances. This is especially true if you’ve been the spouse who tends to other matters and not the finances. A few possibilities include obtaining copies of your tax returns, downloading bank statements and reviewing pensions and retirement accounts. Don’t fret if you aren’t sure how to access this information, however. When you meet with an experienced Illinois divorce attorney, they can help you understand all that should be accounted for in preparing for your divorce. Even if you are in the dark regarding your finances and aren’t sure how to access them, speaking with an attorney can alleviate your concerns. Our team has the tools to help you review your finances and ensure you have a solid understanding of your situation before proceeding so you can feel confident in your decision.

Meet with a Reputable Illinois Divorce Attorney Today

You don’t have to go into your gray divorce alone; arm yourself with the advocacy and knowledge of an Illinois divorce lawyer from the Goodman Law Firm. Contact us today to schedule your gray divorce consultation.


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