Whenever two people in Illinois decide to divorce, they should expect to experience some changes to their financial situations. Particularly if one of the parties works for an income and the other works to raise kids and support the home, both spouses may see their general wealth drop after their divorce is finalized. Though money can be an issue in any divorce, recent research suggests that gray divorcees — those who divorce after the age of 50 — experience greater and more significant financial troubles than their younger counterparts.
Gray divorcees often see their savings and wealth cut in half when they divorce. That may be attributable to their long-term marriages and the need to split marital property fairly. Though it is not the case for all older divorcees, many gray divorcees are at or near retirement when they end their marriages and may not have work-based income to rely on when they split from their partners.
Gray divorces can have a significant impact on the standard of living that individuals enjoy once their marriages are terminated. Women see a cut of 45% in their standard of living when their divorces qualify as “gray,” and men in this category see a cut in their standard of living by about 21%. This can mean that the comfortable retirements that individuals envisioned when they were married are no longer feasible after divorce.
All divorces introduce financial upheaval into the lives of the parties, but gray divorces seem to impart greater damage on individuals than younger divorcees experience when they end their marriages. To discuss what kinds of outcomes they may go through when they end their marriages, older Illinois residents may want to talk to a family law professional before filing for divorce.