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Tag Archives: gray divorce

Illinois divorce attorneysStudies suggest that divorce can have a negative impact on one’s health. The risk could be even greater for divorcing individuals nearing retirement, especially if they are already struggling with health issues. Thankfully, there are ways that divorcing parties can protect their health, even at an advanced age. Learn more in the following sections, including how the assistance of a seasoned attorney may help to further mitigate the risk of health issues during and after your divorce. 

How Divorce Can Impact Your Health

Divorce is one of the more stressful life events that one can endure. Sadly, all that stress can have devastating effects on the health of divorcing individuals. In fact, science has long associated bouts of extreme and prolonged stress with health complications like weight gain, depression, anxiety, and ulcers. Recent studies have even linked extreme and prolonged stress to an increased risk of heart disease, and some health experts believe it can even increase one’s risk of developing cancer and other insidious diseases.

Women are thought to be at an especially high risk for heart problems after a divorce, and they may also be more likely to experience post-divorce depression and anxiety. They are also more likely to experience financial issues during and after a divorce, which can further increase stress levels. As such, women nearing retirement may want to ensure they work especially hard to protect their health in any way possible, both during and after the divorce process. 

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Wheaton divorce lawyersAlthough statistics indicate that the divorce rate is declining across most age groups, couples over the age of 50 are ending their relationships at an unprecedented rate. In fact, rates have more than doubled over the last decade, and it is leaving many soon-to-be retirees at risk for future financial troubles. Learn how you can mitigate against such issues, and discover how assistance from our seasoned divorce lawyers can help. 

Understanding the Potential Effects of a Gray Divorce

Divorce can be costly at any age, but those who are nearing the end of their working years have less time to recover from the financial toll that a divorce can have on their savings and retirement accounts. Marital assets must be equitably split between the parties - and that can include everything from jointly acquired inheritances and co-mingled premarital assets to retirement accounts and businesses that were established during the marriage. 

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Illinois divorce lawyersWomen have long been disadvantaged in divorce - and usually because they have sacrificed their earning years to stay home and raise children. Even for younger women, this can be a challenge, but those who are nearing retirement run the risk of severe financial loss. Learn how to protect your financial future during a gray divorce, and discover how the assistance of a seasoned divorce lawyer can help you mitigate some of the most common pitfalls and challenges that you are likely to face during the process. 

Know Your Assets and Entitlements

Mature women may face many challenges in divorce, but the lack of knowledge is perhaps one of the most damaging. It also happens to be one of the most common issues that women over the age of 50 can face. Many stayed home to care for children during their childbearing years, so they had little to no earnings of their own. A lot of these same women were also left “in the dark” about their financial situation, which only complicates matters even further. Thankfully, women can take back the power and control in such situations.

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DuPage County divorce attorneyWhile divorce can be financially devastating at any stage of life, those who are nearing retirement are considered to be at the greatest risk for severe financial losses. Thankfully, it is possible to mitigate against this all-too-common gray divorce issue. Learn how in the following sections, including how a seasoned divorce attorney can help improve the outcome of your Illinois divorce case. 

Understanding the Risks of a Gray Divorce 

The risks associated with gray divorce are no different from those seen in other divorce cases. Instead, it is the age and stage of life of the divorcee that creates additional risks. Financial losses are more difficult to overcome because the individual is nearing the end of their income-earning years. That also means that the individual is nearly done contributing to the account. When one considers that retirement accounts are often one of the more valuable assets that a party owns, the risk of severe financial loss in a divorce becomes clear and extremely real. 

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Wheaton divorce lawyersDivorce requires you to consider and make decisions on many things you might not have previously considered (i.e. where you will live and who keeps the dog). Financially savvy individuals also consider the long-term implications of a divorce, like how they will fund their retirement and protect their estate. Learn more about this consideration in gray divorces, and discover how a seasoned attorney can assist with the process to improve the overall outcome of your case. 

Failing to Plan for the Unexpected

While death inevitably happens to everyone, people rarely think about it in advance. In fact, statistics indicate that less than half of all Americans have a will or trust in place. Unfortunately, this can have a devastating impact on their estate. Funds may be depleted in probate, assets may go unallocated, and children could be placed into foster care until a guardian can be appointed. Matters can be even more devastating if the individual happened to be going through a divorce at the time of their death. 

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Abraham Lincoln A lawyer’s time and advice are his stock and trade. -Abraham Lincoln
Davi Law Group, LLC handles family law, estate planning and real estate matters for clients in Chicago and throughout the western suburbs including DuPage County, Will County, Kane County, Kendall County and Cook County and the cities of Aurora, Bloomingdale, Bolingbrook, Carol Stream, Darien, Downers Grove, Elmhurst, Geneva, Glen Ellyn, Hinsdale, Joliet, Kendall County, Lisle, Lombard, Naperville, Oak Park, Oak Brook, Oswego, Park Ridge, Roselle, St. Charles, Villa Park, Warrenville, Wheaton, Winfield, Woodridge and Yorkville, Illinois.
Warrenville Office
Address28371 Davis Parkway, Suite 103, Warrenville, IL 60555
Phone(630) 657-5052
Fax(888) 350-9195
Wheaton Office
Address1776 S. Naperville Road, Building A, Suite 105, Wheaton, IL 60189
Phone630-580-6373
Fax(888) 350-9195
Chicago Office
Address321 N. Clark Street, Suite 900, Chicago, IL 60654
Phone(312) 985-5676
Fax(888) 350-9195
Joliet Office
Address58 N. Chicago Street, Suite 102,
Joliet, IL 60432
Phone(815) 582-4901
Fax(888) 350-9195
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