Tips for Going Through a Divorce in Middle Age

 Posted on August 19, 2019 in Divorce

People are living longer these days, and as their children leave the nest, the bond that holds a marriage together can dissipate. A divorce at any age can be nerve-wracking, but for those couples who are over 40, it can be very intimidating. For some people, the thought of being alone after a long marriage is overwhelming. If you have been together for many years, figuring out how to divide your marital assets can also be complicated. A common concern for a newly single person is whether or not he or she will have the financial resources needed for retirement. It is important to become acquainted with Illinois’ divorce laws to ensure that you can create a stable future.   

Practical Advice 

With more women working full time, and some out-earning their spouses, the financial imperative to stay together no longer exists in many marriages. Also, if a middle-aged couple had children together, the children are usually out of the house at college or living on their own, so there is no need to remain married “for the kids’ sake.” If you are considering filing for divorce, the following tips can help ensure a smooth process regardless of your age:

• Seek professional legal counsel. 

• Understand your current and your projected post-divorce finances.

• Accept that your lifestyle may have to change after your divorce.

• If you are unemployed, underemployed, or retired, consider getting a job.

• Hold onto the house (if you want it).

• Do not ignore tax consequences.

• Know what debts you owe. 

• Make sure you have adequate health insurance. 

• Roll over your portion of your ex-spouse’s retirement account into an IRA.

• Support your adult children emotionally.

• Do not hide assets from your spouse. 

• Do not underestimate your expenses. 

Contact an Oak Park Divorce Lawyer

It may be difficult to think about starting over after a divorce, especially if you are middle aged. If you and your spouse were married for a long time, there may be a lot of marital assets and property to divide. It is important to understand Illinois divorce laws so you know what you are entitled to. The law firm of Wakenight & Associates, P.C. has more than 95 total years of combined legal experience. A compassionate Cook County divorce attorney will assist you in the steps to take to move on with this next phase of your life. Call our office today at 708-848-3159 to schedule a free consultation. 

Sources: http://www.ilga.gov/legislation/ilcs/ilcs4.asp?DocName=075000050HPt%2E+I&ActID=2086&ChapterID=59&SeqStart=100000&SeqEnd=900000