Illinois couples who decide to end their marriage might not have realized that the longer they have been together the more expensive their divorce might be. This often means that divorces later in life can have significant financial consequences.
Even if couples going through a gray divorce do not have many marital assets, the divorce itself can still be expensive due to the fact that any assets the former couples do have become important for the future. In many cases, those over the age of 50 have assets that are fixed at this point. Further, these individuals may not have the time to build up more assets again and recover financially due to being close to retirement age.
Emotional attachments to certain assets such as the family home can also make gray divorces more difficult. However, in order to keep the home, a person would have to give up his or her rights to other marital assets, such as bank or brokerage accounts. Further, the home can require a large amount of money for upkeep without a guarantee that the value of the home will go up, and it might be difficult to maintain on a single income.
For those who have spent decades together, protecting their financial interests during the divorce is crucial. A family law attorney may assist with getting an accurate valuation of the marital assets before working on dividing them up with the other party. If a person is dead set on keeping certain assets like the home, the attorney may describe the financial and tax implications of doing so before an agreement is negotiated.