Legal Tips and Resources
If you are over the age of 50 and are considering divorce, talk to our family law attorney. Divorces among those who are in this age range are sometimes referred to as a “Gray Divorce.” Some of the issues that mature persons face when terminating their marriage are different than what younger couples may have to consider. Our family law attorney in Lake Forest, IL represents spouses of all ages who wish to end their marriage. If you would like to discuss your case at no charge, give us a call today.
The Increase in Gray Divorces Across Illinois
Many individuals over the age of 50 who live in Lake Forest, IL seek the guidance of an experienced family law attorney when they wish to divorce their spouse. Because a large percentage of Americans are aging, gray divorces are on the increase. One of the primary goals for our clients who are in the process of a gray divorce is the desire to protect their financial future because retirement is close or already behind them. Our family law attorney in Lake Forest, IL understands these very real concerns and will work with you to minimize the financial impact of your divorce. In protecting your best interests, the division of assets, fixed income, social security, and more will be considered when presenting your case in court or to your spouse’s attorney.
Minimize Your Tax Obligations
When a person changes their tax status from married to individual, it can have a substantial impact on their finances. After the division of assets in a divorce, a person’s tax status may change so dramatically that they are suddenly faced with owing the Internal Revenue Service a fat check. This is especially true when cashing in retirement funds. Our family law attorney works with individuals in the Lake Forest, IL area to minimize their tax obligations in the wake of a divorce or eliminate their tax risk altogether. For more complex financial scenarios, we are happy to provide clients with a recommendation for an attorney who specializes in tax law.
Healthcare Insurance Coverage
When a couple divorces, if one spouse received healthcare benefits from the other spouse’s policy, they may no longer be entitled to coverage. It’s important to determine how your benefits will be affected should you get divorced. Under some circumstances, it may be preferable to get a legal separation rather than a divorce, but it will depend on the insurance policy.
The Division of Debt
In addition to the division of assets, during the divorce proceeding the couple’s individual as well as shared debts will need to be divided between them. It may be beneficial to you to run a credit report on yourself as well as your spouse before filing for divorce to see what debt is outstanding and must be divided. This can also be helpful in order to verify what debts and creditors the two of you have prior to the divorce.
Thank you to the experts at Klenk Law for their input on family law.