3 Tips for Chicago Couples Facing “Gray Divorces”
There is no doubt that “gray divorce” has been trending all over social media and financial news outlets alike. If you have not heard of it yet, “gray divorce” refers to divorces that occur between older individuals, that is, 65-years-old and older. Gray divorce is something that has been steadily increasing, with the divorce rate for Americans 55 years old and older doubling since 1990, but the divorce rate for American couples 65 years old and older tripling in that same period.
The freedom that normalizing gray divorces affords to older individuals seeking to end a marriage is a benefit of the rise of gray divorces in the United States. However, gray divorces may present a myriad of issues to older individuals seeking to divorce. But what are those challenges and how can they be combatted? We provide three tips from a recent USA Today article for how to deal with three common issues in gray divorces.
Tip #1. How to Build Your Retirement Plan
According to USA Today, individuals facing gray divorces may face a drain on their retirement accounts. The solution to this problem is to start making a new retirement plan as soon as possible, that is, now. Furthermore, USA Today advises, if you have not retired yet, it is important for divorcing individuals to “aggressively replenish” their savings. In addition, one solution in a gray divorce is for a divorcing couple’s retirement accounts to be divided up into equitable shares. However, there may be pros and cons to each strategy, depending on your specific and unique case. Therefore, it is best to speak with an experienced Chicago divorce lawyer as soon as possible if you are interested in getting a divorce in the Chicago area.
Tip #2. How to Get Back Out into the Workforce
Some divorcing individuals over 65 years old may find that they are rusty when it comes to finding a job, if they have been out of the workforce for some time. According to USA Today, the first strategy is to figure out if you can live within your means on your post-divorce budget, without returning to work full-time or even part-time. Downsizing and living on a reduced budget may be one way to avoid having to return to work full-time.
Tip #3. How to Divide Up Real Estate
Finally, deciding what to do with the marital home is something that puzzles many divorcing individuals over 65 years old. USA Today advises that the most important thing when dividing up a real estate asset, such as the family home, is to figure out just how much the property really costs, including maintenance, before deciding what to do with it.
Of course, it is always best to discuss your specific situation with an experienced Chicago divorce lawyer to determine the best strategy for you. If you need help with your divorce in Chicago, contact the experienced Chicago divorce lawyers at Birnbaum Gelfman Sharma & Arnoux, LLC. They offer a confidential consultation to learn about your Chicago divorce case and to see if they can help fight for you. Contact Birnbaum Gelfman Sharma & Arnoux, LLC today and speak to an experienced lawyer about your rights and options.
