A Gray Divorce Often Needs Special Treatment
Oct. 1, 2021
Divorce is never easy. There are numerous issues that need to be addressed, and most divorcing couples hope that they complete the process without turning it into a bitter experience. This can get even more complicated when divorce happens at a later stage in life. After all, the couple has already spent so many years together and therefore, the number of tangled issues are often much higher than a divorce at a younger age.
Unique Characteristics of A Gray Divorce
In the event of a divorce when a couple is older – a gray divorce – the amount of assets accumulated over the course of the marriage is often much higher than a divorce that happens when a couple is younger. It is understandable that issues related to children are not too big in gray divorces. Instead, the division of property takes center stage.
Some of the factors that couples going for divorce in their older years are:
Tax implications, as many married couples often file joint returns
Division of pension and retirement accounts
Division of real properties that the couple may have bought
Division of businesses that the couple may have owned jointly
The possibility of higher spousal support payments
Working to Resolve Gray Divorce Issues Amicably
With several years of experience in handling divorce matters in Illinois and Florida, Attorney Judith Trentman Wilson understands that gray divorces need special treatment. In addition, Attorney Wilson is an experienced estate planning attorney, which helps her to identify the various updates that need to be made to an estate plan in the event of a gray divorce.
If you wish to learn more about gray divorce in Illinois or Florida, you may want to visit our website. After all, divorce is never an easy decision, so when someone experienced in the law guides you through the process, you can expect a somewhat smoother journey.