Naperville, IL Gray Divorce Attorneys

Experienced Divorce Lawyers for Older Couples in Naperville, Illinois

Getting divorced over the age of 50 often involves a lot of unknowns. Depending on how close retirement is, you may fear that the divorce will leave you financially destitute. You may also need extra financial assistance as you transition back into single life. To ensure that your concerns are heard in court, consider reaching out to a Naperville, IL gray divorce lawyer.

At Fay & Farrow, we know that divorcing over 50 can feel risky. We are here to help dispel the uncertainties around your divorce, providing you with aggressive advocacy and strong counsel at the negotiating table. If necessary, we can also take your case to trial and fight for a favorable resolution.

What Happens to Retirement Plans in a Divorce?

Retirement assets often represent one of the largest portions of marital wealth, especially in long-term marriages. In Illinois, retirement plans such as 401(k)s, IRAs, pensions, and profit-sharing accounts are generally considered marital property if contributions were made during the marriage. To divide these accounts, you will typically use a Qualified Domestic Relations Order (QDRO), which instructs the plan administrator to allocate a specific portion to your ex-spouse without triggering early withdrawal penalties or taxes.

Negotiating a QDRO requires careful valuation of the account's present and future worth. Our attorneys can work with financial experts to project growth and draft an order that reflects an equitable division. Once the judge approves the QDRO, the administrator implements the split, and each party retains their share in a separate retirement vehicle. Alternatively, you and your spouse can avoid dividing retirement assets by exchanging equivalent assets from the marital estate.

Can You Get Alimony in a Gray Divorce?

Courts recognize that ending a long marriage can leave one partner at a significant economic disadvantage, particularly if career sacrifices were made to support the family. When spouses negotiate a settlement or petition the court, Illinois judges consider factors such as the length of the marriage, each party's needs and resources, and the standard of living established during the marriage. If the divorce's timing is close to retirement, a judge can also consider whether or not a spouse can reenter the workforce.

If you lack sufficient income to maintain a comparable lifestyle on your own, you may qualify for spousal support. This can take the form of rehabilitative support, designed to help you gain skills or education. In rare cases, permanent maintenance may be awarded after a long marriage, at the judge's discretion. A gray divorce attorney can help you build a case by documenting expenses, income gaps, and contributions that justify alimony in your situation.

How Divorce Affects Social Security Benefits

Divorce does not strip you of potential Social Security benefits earned during the marriage. If your marriage lasted at least 10 years, you can claim benefits based on your ex-spouse's work record, provided you are unmarried and at least 62 years old. These "divorced spouse" benefits cannot exceed 50 percent of your ex-spouse's full retirement amount, and claiming them does not reduce the benefit payable to your ex.

Timing also matters. You can apply for divorced spouse benefits only once you have reached the eligible age, and doing so has no impact on your own retirement benefit. Our firm can explain how claiming benefits early or delaying until full retirement age affects your monthly check and help coordinate your divorce settlement to preserve your Social Security entitlements.

Contact a Naperville, IL Gray Divorce Lawyer

At Fay & Farrow, our attorneys understand that ending a long marriage brings unique financial and emotional challenges. Call 630-961-0060 or contact our DuPage County, IL gray divorce attorneys to set up a free consultation.