Getting a divorce can no doubt be disrupting at any age. However, it can be especially challenging to navigate for those individuals who are older than age 50, typically referred to as baby boomers. Here are a few tips for navigating the Illinois divorce process in these circumstances — known as a gray divorce.
Assess short- and long-term goals
An important step in the gray divorce process involves redefining one’s life goals. This is critical given that divorce can significantly alter an individual’s financial situation, thus impacting both long-term and short-term objectives. For instance, a person who is getting divorced later in life may have to make adjustments to his or her retirement plan. This person may need to save money for a longer period than originally anticipated, or he or she might need to downsize to make living by him or herself in retirement more affordable.
Address potential tax implications
In addition to paying attention to retirement, divorcing individuals would be wise to assess how the divorce process will impact them tax wise. The reason for this is that ignoring the government may end up being a very expensive mistake. A financial advisor can help a divorcing person to ensure that his or her updated retirement strategy takes into account the tax implications of all of his or her liabilities and assets.
Seek help and support
An Illinois attorney can provide someone facing divorce with the guidance needed to make the most expedient financial decisions given his or her stage of life and long-term aims. For instance, the attorney can help the individual to seek a fair and comprehensive settlement with the other party. Alternatively, the attorney could help the client to pursue a favorable outcome in court, if necessary. Either way, the attorney will make sure that his or her client’s rights and best interests are protected.
Parties in Illinois should ideally contact an attorney right away as well. An attorney can make sure that a divorcing individual receives his or her fair share of the marital assets. With the attorney’s help, the individual can pursue a fair, comprehensive settlement with the other party or fight for a personally favorable outcome at trial. The attorney will make sure that his or her client’s rights and best interests are protected each step of the way.
